Property taxation: transfer of base year value: disaster relief.

Plain English Breakdown

The official source material does not provide specific details on how the extension period is determined beyond stating it can be up to three years.

Disaster Relief for Property Tax Transfers

The bill allows counties affected by disasters declared by the Governor between January 1, 2025 and December 31, 2029 to extend the time limit for transferring property tax base year values from damaged or destroyed properties to replacement properties within the same county by up to three years.

What This Bill Does

• Allows county boards of supervisors to extend the period for transferring property tax base year values to replacement properties by up to three years if a disaster is declared in their area between January 1, 2025 and December 31, 2029.
• Ensures that local agencies do not receive state reimbursement for property tax revenue lost due to this extension.

Who It Names or Affects

• People who own real estate in counties affected by disasters declared by the Governor between January 1, 2025 and December 31, 2029.
• Local agencies and governments in those counties.

Terms To Know

Base Year Value

The value of a property used to calculate its property tax, which usually does not change unless there is new construction or a change in ownership.

Lien Date

A specific date when property taxes are assessed and become due for payment.

Limits and Unknowns

• The bill only applies to disasters declared between January 1, 2025 and December 31, 2029.
• It does not specify what constitutes a 'disaster' or how the extension period is determined beyond stating it can be up to three years.

Official Summary Text

SB 603, as amended, Niello.
Property taxation: transfer of base year value: disaster relief.
Existing property tax law provides, pursuant to a requirement of the California Constitution, that the property tax base year value of real property that is substantially damaged or destroyed by a disaster, as declared by the Governor, may be transferred to a comparable property located within the same county that is acquired or newly constructed within 5 years after the disaster as a replacement property.
This bill would authorize the county board of supervisors of any county proclaimed by the Governor to be in a state of emergency, or otherwise determined or declared by the Governor to be in a state of disaster, on or after January 1, 2025,
but before January 1, 2030,
to extend the above-described time period to transfer by up to 3
years for properties located in that county. The bill would apply to the determination of base year values for lien dates occurring on or after January 1,
2025.
2025, and before January 1, 2030.
Existing law requires the state to reimburse local agencies annually for certain property tax revenues lost as a result of any exemption or classification of property for purposes of ad valorem property taxation.
This bill would provide that, notwithstanding those provisions, no appropriation is made and the state shall not reimburse local agencies for property tax revenues lost by them pursuant to the bill.
This bill would take effect immediately as a tax
levy.

Current Bill Text

Download Bill PDF