Monterey County Municipal Code Ch. 5.60 Taxation of Replacement Residences

In enacting this Chapter, the Board of Supervisors does hereby implement and adopt in Monterey County the provisions of Subdivision (a) of Section 2 of Article XIIIA of the California Constitution , relating to the transfer by persons who are fifty-five (55) years of age or older of base year value for purposes of property taxation, adopted by the voters of California as "Proposition 90" at the general election conducted in November, 1988.

All claims by persons fifty-five (55) years of age or older, for transfers of base year value from original property located in another County in California shall be granted if the claims meet the applicable requirements of both Subdivision (a) of Section 2 of Article XIIIA of the California Constitution and Section 69.5 of the Revenue and Taxation Code. All claims for transfers of base year value shall be filed with the Assessor, on forms prescribed by the State Board of Equalization for this purpose. The Assessor will make the claim forms available to prospective claimants.

Pursuant to the provisions of Section 54985 of the Government Code, the Assessor shall, as a condition of the transfer of value, impose a reasonable fee for the costs to determine and process the transfer of the homeowners current assessed value to the replacement residence located in Monterey County. The amount of the fee shall be placed in the Monterey County Fee Resolution. The transfer of assessed value shall not be effected unless and until the charge is paid.

In determining the base year valuation of original property located in another County, the base year valuation as determined by the assessor of such other County shall be accepted by the Assessor of this County, in connection with the granting of claims for transfers of base year value.

The provisions of this Chapter shall apply to replacement dwellings in Monterey County which are purchased or newly constructed on or after January 9, 1996. No provision of this Chapter shall have any retroactive application to replacement property purchased prior to January 9, 1996. This Chapter will be repealed in its entirety on January 9, 2001, unless the Board of Supervisors has acted to extend it prior to that date.