You have a complicated situation, and likely may need to hire someone to deal with the county depending on how difficult they might be.
Given the land and house you purchased was in fact a livable house (though you may not have wanted to live there), that likely establishes the purchase date of the replacement house. The county likely doesn't care you bought it with the intention of being a tear down.
From that point on, you have two years to complete any improvements to that house - in your case tear it down and start over - to have the "final" value of the replacement house set. Note, this being construction, the county does not directly appraise this completed work based on market value, but rather takes your self reported construction costs that you have to provide via a form the county assessor will provide to you. The assessor will then at some point (1 to 6 months later) provide it's final assessed value for this "replacement house" (but at this point, it's just a house to them).
Separate from getting the "new" work dove within the two year window you bought this land and house, you had a two year clock started have your old house sale complete and closed to be eligible for the transfer of basis from old to new.
I believe you then have a two year window following the last transaction of the two properties to complete your paperwork and submit for the property tax transfer per the proposition.
It won't hurt talking with the assessor on this - they won't bend the rules for you, nor try to screw you - but I would certainly want to know if the 2 year clock started with the purchase of the tear down.
Given the land and house you purchased was in fact a livable house (though you may not have wanted to live there), that likely establishes the purchase date of the replacement house. The county likely doesn't care you bought it with the intention of being a tear down.
From that point on, you have two years to complete any improvements to that house - in your case tear it down and start over - to have the "final" value of the replacement house set. Note, this being construction, the county does not directly appraise this completed work based on market value, but rather takes your self reported construction costs that you have to provide via a form the county assessor will provide to you. The assessor will then at some point (1 to 6 months later) provide it's final assessed value for this "replacement house" (but at this point, it's just a house to them).
Separate from getting the "new" work dove within the two year window you bought this land and house, you had a two year clock started have your old house sale complete and closed to be eligible for the transfer of basis from old to new.
I believe you then have a two year window following the last transaction of the two properties to complete your paperwork and submit for the property tax transfer per the proposition.
It won't hurt talking with the assessor on this - they won't bend the rules for you, nor try to screw you - but I would certainly want to know if the 2 year clock started with the purchase of the tear down.
Statistics: Posted by mjg — Sun Jan 12, 2025 5:06 pm