What value of the transferred property is counted toward the $1 million exclusion limit?
The Proposition 13 value (factored base year value) just prior to the date of transfer. Usually, this is the taxable value on the assessment roll. If a property is under a Williamson Act (open space) or Mills Act (historical property) contract, it is the factored base year value that is counted, not the restricted value.
Related Questions
- My charges are still based on the Chargeable/Rateable Value of my property. Can I apply to be transferred on to the Assessed Household Charge?
- What value of the transferred property is considered towards the $1,000,000 exclusion limit?
- What value of the transferred property is counted toward the $1 million exclusion limit?
