Property taxation: newly constructed: reconstructed property.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill modifies California’s property tax rules for properties damaged or destroyed by disasters. It allows property owners who have rebuilt after a declared disaster to apply the original property’s base year value to the replacement property, subject to certain limitations. Specifically, the bill adjusts the criteria for determining the base year value, potentially offering more favorable tax treatment for rebuilt properties, particularly when the size of the reconstruction is similar to the original. It also includes provisions for legislative findings and declarations regarding a gift of public funds and clarifies state reimbursement for local agencies.
Key provisions
- Allows property owners to apply the original property’s base year value to replacement property rebuilt after a declared disaster.
- Limits the application of the base year value to reconstructions no larger than 110% of the original property’s size.
- Applies the base year value for fiscal years 2026-27 through 2034-35.
- Extends the timeframe for applying the base year value in specific instances (November 1, 2018, and November 1, 2024).
- Provides for reimbursement of state costs mandated by the bill.
- States that the state will not reimburse local agencies for property tax revenues lost due to this bill.
- Defines ‘disaster’ as a major misfortune or calamity declared by the Governor.
- Specifies eligibility requirements for property tax relief.
Who is affected
Bill text
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Sponsors
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3 on record
Primary sponsor
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