What are the conditions that need to be met in order to qualify for the exclusion?
- Both properties must be located in the same county, unless the county in which the replacement residence is located allows intercounty base year value transfers.
- As of the date of transfer of the original property, the transferor (seller) or a spouse residing with the transferor must be at least 55 years of age, or be severely or permanently disabled.
- At the time of sale, the original property must have been entitled to the Disabled Veterans’ Exemption, or eligible for the Homeowners’ Exemption.
- The replacement dwelling must be of equal or lesser value than the original property.
- The replacement dwelling must have been acquired or newly constructed within two years of (before or after) the sale of the original property.
- The owner must file an application within three years following the new construction completion date or purchase date of the replacement property.
- The original property must be subject to reappraisal at its current fair market value. Therefore, transfers of the original property that are excluded from reappraisal (e.g., most transfers between parents and children) will not qualify.
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