CA ACA12

Proposes constitutional amendment to allow transfer of property base year value to replacement dwellings of greater value (currently limited to equal or lesser value properties)

Requires base year value of higher-value replacement dwelling to be calculated by adding the difference between original property's full cash value and replacement property's full cash value to the original property's base year value

Applies only to replacement dwellings purchased or newly constructed on or after the effective date of this amendment

Maintains existing provisions allowing base year value transfers for persons over 55 years of age and severely disabled homeowners to replacement properties within the same county purchased within 2 years of sale

Requires two-thirds vote of both houses of the Legislature to place measure on ballot for voter approval