An exemption on your old home remains in effect until December 31 of the year in which your home is sold. If you move to your new residence before your first home is sold, the exemption expires on December 31 of the year you move out. You must rescind your exemption within 90 days of the date you no longer own or occupy the property as your principal residence, whichever comes first. You may rescind your exemption and the new owner may claim an exemption on the same Principal Exemption Residence form at closing. If your agent does not provide with this form, you may download it here or call the Assessor's office and we will send one to you.
If you move to a new home and convert your current home to rental property, you must rescind the exemption within 90 days of moving. The exemption will remain in place until December 31 of the year the use is changed from your principal residence to a rental property.
If a lender forecloses on a mortgage and the home is now vacant, the lender must rescind the Principal Residence Exemption using the Request to Rescind Principal Residence Exemption form.