Homeowners who are 55 or over, severely disabled, or whose homes were destroyed by wildfire or natural disaster, may transfer the taxable value of their primary residence to a replacement primary residence:
- Anywhere in the state
- Regardless of the location
- Regardless of the value of the replacement primary residence --even if it’s greater in value (with an upward adjustment in the tax basis if the replacement property is greater in value)
- Within two years of the sale of the original primary residence§Up to three times (although there’s no limit for those whose houses were destroyed by wildfire or natural disaster)These rules are in effect on and after April 1, 2021.