According to the application for refund; “To qualify for a refund of the SRETT under “u,” (1) the sellers must qualify for 100% Principal Residence Exemption, (2) the state equalized valuation (SEV) of the property in the year of sale must be equal to or less than the SEV of the property on the date of purchase/date of acquisition, and (3), the property was sold for a price at which a willing buyer and a willing seller would arrive through an arm’s-length negotiation.” There are 5 items that the seller must submit to the state in order to get a determination on their qualification.
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