CA AB2668

Allows persons over 55 years old or severely disabled to transfer the base year value of their original home to a replacement dwelling of greater value (in addition to equal or lesser value properties) beginning with the 2017-18 fiscal year.

Restricts the ability to transfer base year value to a more expensive replacement dwelling if the claimant's household income exceeds the area median income of the county.

Calculates the base year value of a replacement dwelling purchased for greater value by adding the difference between the original and replacement property full cash values to the original property's base year value.

Permits use of the replacement dwelling's full cash value as of the original property's sale date (rather than only the purchase/construction date) in specified circumstances.

Takes effect immediately as a tax levy but becomes operative only if Assembly Constitutional Amendment 12 of the 2015-16 Regular Session is approved by voters.