California Revenue and Taxation Code 20640.3 – A claimant is an individual who:(a) Holds a right to a …
A claimant is an individual who:
(a) Holds a right to a possessory interest pursuant to a validly recorded instrument conveying such possessory interest for a term of years no less than 45 years beyond the last day of the calendar year ending immediately prior to the fiscal year for which taxes are initially postponed.
Terms Used In California Revenue and Taxation Code 20640.3
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) Occupies as a principal place of residence the residential dwelling affixed to such possessory interest real property on the last day of the year designated in subdivision (d) of Section 20503.
(c) Is either (1) 62 years of age or older on or before December 31 of the fiscal year for which postponement is claimed or (2) blind or disabled, as defined in § 12050 of the Welfare and Institutions Code, at the time of application or on February 10 of the fiscal year for which the postponement is claimed.
(Amended by Stats. 2017, Ch. 387, Sec. 28. (SB 205) Effective January 1, 2018.)