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What if you bought a home for $300K one year ago and sold it for about that amount now, and bought a new home for $200K?
I wouldn't want to transfer the $300K value to my new home!
I'm trying to decide if I want to fill out the form or not.

If the base year value of your old home is more than the value of your new home, then I would say you wouldn't want to transfer it. What is the base year value of your old home?

How would I know the base year value? All I know is we paid $305K in 2016.
Thanks.

Is that your situation?

Bought for $305k in 2016, sold that property in 2017 or 2018 and bought a new home for $200k?

*IF* that's the case, then I believe you wouldn't want to transfer the base year value.

You want the lower one - which would be $200K.

Probably the easiest way to find out what your value was for the property is to look at the property tax bill.
That will have your base year + adjustments - UNLESS your property value declined between when you bought it and that property tax bill. (or went up less than the ~2%/year prop 13 allows)


I believe that most people who use this are in a situation where they bought for $200k, the house has gone up significantly in 10-20 years while they were raising kids in it, and they want to downsize to a smaller house since the kids are gone. So they sell the house (for example let's say it's worth $1M) and buy a cheaper/smaller one (say for $500K), and transfer the basis to the new home ($200k after 20 years is ~$300k under prop 13, still much less than $500k)
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