Problem
L.A. County residents Bill 58, and Tian 55 plan to get married on June 1, 2016, and retire to Orange County. Bill has already transferred the base year value of his residence under Proposition 60 and California RTC 69.5. Tian plans to sell her home in L.A. for the appraised value of %500,000 on July 4, 2016 then build a dream home with Bill in Orange County. They plan to transfer their favorable property tax base year value of $95,000 to the new home and file a claim with Orange County Assessor Ricardo.
a. Would they qualify to transfer the original property tax base? Discuss.
b. Should they postpone the wedding?
c. When must the new home be completed?
d. What is the maximum allowable amount of cost overrun on the new residence?
e. When is their last day to file a claim for transfer of the original tax base?