A Principal Residence is a residence that is eligible for either the homeowner's or disabled veteran's exemption.
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.
*Revenue and Taxation Code (RTC) section 74.3(b) defines a "severely and permanently disabled person" as "any person who has a physical disability or impairment, whether from birth or by reason of accident or disease, that results in a functional limitation as to employment or substantially limits one or more major life activities of that person, and that has been diagnosed as permanently affecting the person's ability to function, including, but not limited to, any disability or impairment that affects sight, speech, hearing, or the use of any limbs."
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.