Typically, new construction is any
substantial addition to real property (e.g., adding a new room, pool, or garage)
or any substantial alteration which restores a building, room, or other
improvement to the equivalent of new (e.g. completely renovating an outdated
kitchen). Most changes in ownership caused by the sale of property result in
reassessment. However, interspousal transfer, the transfer, sale, or inheritance
of property between parents and their children, and the addition of joint tenants do not
result in the reappraisal of property values.
Furthermore, homeowners over the age of 55 years who sell their principal residence and purchase a replacement dwelling within two years that is of equal or lesser market value are eligible to transfer the pre-sale assessed value of their original property to the replacement dwelling (Propositions 60 and 90). To be eligible, the property sold must be within the State of California and the property purchased must be within Riverside County.
For further information or claim forms, please contact the
Office of the Assessor at (951) 955-6200, or 1
(800) 746-1544 within the 951 and 760 area codes.