Save my prop 90! :)

[Mark Caragio]

I have an offer on a property I am developing, and I am wondering if there is a way to keep my ultra-low property taxes via Prop 90 (CA prop to transfer basis to replacement home).  The situation is as follows:

- I owned and lived in this home for 25+ years
- 7 years ago we moved to Idaho for work reasons, and rented out the property
- We plan to come back in a few years (4 max)
- I recently learned that I could subdivide this property and build 2 new homes (and have been working on that; it is now approved and soon to be subdivided)
- I have an offer on the property that is high enough for me to consider selling instead of developing myself
- Since I can sell the property before subdividing, there is an opportunity to keep my low tax basis via Prop 60/90 (I'm 55)
- Since we are not coming back for a couple of years, I also want to take advantage of the 1031 exchange rule, and purchase a replacement home with the proceeds, then rent until we return

With the above in mind, is there any way to keep my low property tax basis, not using the home currently as my primary residence?