A Principal Residence is a property that is eligible for either the homeowners’ or disabled veterans’ exemption. To be eligible for a Prop. 19 exclusion, the transferred property must have been the principal residence of the transferor and continue to be or have become the principal residence of the transferee.
The Taxable Value of the principal residence transferred or to be transferred, is the original base year value, adjusted by the annual inflation factor for each taxable year under the current ownership.
NOTE: “Taxable Value” and “Factored Base Year Value” are used interchangeably.
A Fair Market Value is what the principal residence would sell for if exposed on the open market at the time of transfer. Your estimate of Fair Market Value could vary from the Fair Market Value estimate of the Assessor.
NOTE: This calculator is based on the transfer of a principal residence occurring in the current tax year. The calculator is available only as a tool and all results are only an estimate.