California Revenue and Taxation Code

§ 439.2

RTC § 439.2 Effective Jan 1, 2021Div. 1 · Part 2 · Ch. 3 · Art. 1.9

Statute text

When valuing enforceably restricted historical property, the county assessor shall not consider sales data on similar property, whether or not enforceably restricted, and shall value that restricted historical property by the capitalization of income method in the following manner:

(a)The annual income to be capitalized shall be determined as follows:

(1)Where sufficient rental information is available, the income shall be the fair rent that can be imputed to the restricted historical property being valued based upon rent actually received for the property by the owner and upon typical rentals received in the area for similar property in similar use where the owner pays the property tax. When the restricted historical property being valued is actually encumbered by a lease, any cash rent or its equivalent considered in determining the fair rent of the property shall be the amount for which the property would be expected to rent were the rental payment to be renegotiated in the light of current conditions, including applicable provisions under which the property is enforceably restricted.

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Legislative history

Amended by Stats. 2020, Ch. 371, Sec. 27. (SB 1473) Effective January 1, 2021.