If the full cash value of your replacement property, as defined, is greater than the value of your original property, you are eligible for partial relief.
Example:
Replacement property is purchased on July 1, 2021, for $600,000.
Original property has a factored base year value of $100,000. Original property is sold on July 15, 2021, for $400,000.
The difference is $200,000. ($600,000 - $400,000 = $200,000) The difference is added to the factored base year value ($100,000 + $200,000 = $300,000).
The new base year value of the replacement property is $300,000.