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 affected by a disaster declared by the Governor on or after January 1, 2025, to extend the above-described time period to transfer by up to 3 years for properties located in that county.
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.

Statutes affected:
SB 603: 69 RTC
02/20/25 - Introduced: 69 RTC