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.
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.