Tulare County Seal

Tulare County

Office of the Assessor/Clerk-Recorder

Transfer of Property Tax Base to Replacement Property - Age 55 and Older

Did you know that California property owners who are 55 and older can transfer the taxable values of homes they have sold to homes they purchase or build to save money on property taxes? The Assessor's Office is committed to providing qualifying property owners with all applicable tax savings.

In November 2020, California voters approved Proposition 19, allowing homeowners aged 55 or older to transfer the taxable value of their principal residence to a replacement residence anywhere in California. This transfer can be used up to three times, provided specific requirements are met. "Taxable value" refers to a property's base year value plus annual inflation adjustments, commonly called the factored base year value.

Under Proposition 19, replacement homes are not reassessed to market value upon a change of ownership, avoiding the property tax increase that typically results from reassessment. If the factored base year value of the original property is lower than the market value of the replacement property, transferring the base year value can result in significant tax savings.

These provisions, implemented under Revenue and Taxation Code § 69.6, apply to property transfers occurring on or after April 1, 2021.

For more information about base year value transfers, refer to the Board of Equalization's info sheets.