This form enables a person who has established a new principal residence to also simultaneously retain a Principal Residence Exemption on a property that was previously exempt as the same owner’s principal residence. An owner may receive the PRE on the previous principal residence for up to 3 years if that property is not occupied, is for sale, is not leased and is not used for any type of business or commercial purpose. The Conditional Rescission of Principal Residence Exemption (4640) form must be filed with the Assessor’s office on or before May 1, 2014 to claim the exemption for 2014.
The owner claiming an exemption must annually submit this form on or before December 31 to verify that the property for which the PRE is retained is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose. If the conditional rescission requirements are all met, this form would take the place of STC Form 2602.