The California Board of Equalization has a provision for transferring the base year value of a home damaged by a disaster to a homeowner’s new home. So, if your home was destroyed by the fire, flood or mudslides, and you moved within your own county, this might be of interest. If you don’t want to rebuild your home in the same location after the disaster damaged your property, there is still property tax relief available to you.
So, if the damaged property amounts to more than half of its full cash value just before the disaster, the transfer might work out for you. There are a couple of stipulations to keep in mind. The new property has to be comparable in value, within the same county, and within five years after the disaster. So, you have a little time still, if you haven’t purchased a new home yet. Also, the value of the replacement property can’t me more than 120 percent of the full cash value of your old place before it was ruined. If you go over that amount, then the amount you go over will end up added to the adjusted base year value of your damaged property. Together, that will become the replacement property’s replacement base year value.
If you’re interested, just contact your local assessor’s office and ask for an application. And if you are interested in finding a new home near Orange County, contact Stella Realty today!
Thinking of Purchasing a Home in Irvine, California?
If you’re thinking about buying a home in Irvine or any of the surrounding communities, we can help you find one that’s just right for you. Call us at 949-385-1684 or get in touch with us online to let us know what you’re looking for.
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