California Revenue and Taxation Code

§ 68

RTC § 68 Effective Jan 1, 2016Div. 1 · Part 0.5 · Ch. 2

Statute text

(a)For purposes of Section 2 of Article XIIIA of the Constitution, the term “change in ownership” shall not include the acquisition of real property as a replacement for comparable property if the person acquiring the real property has been displaced from property in this state by eminent domain proceedings, by acquisition by a public entity, or by governmental action which has resulted in a judgment of inverse condemnation. The adjusted base year value of the property acquired shall be the lower of the fair market value of the property acquired or the value which is the sum of the following:

(1)The adjusted base year value of the property from which the person was displaced.

(2)The amount, if any, by which the full cash value of the property acquired exceeds 120 percent of the amount received by the person for the property from which the person was displaced. The provisions of this section shall apply to eminent domain proceedings, acquisitions, or judgments of inverse condemnation after March 1, 1975, and shall affect only those assessments of that property which occur after June 8, 1982.

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Legislative history

Amended by Stats. 2015, Ch. 454, Sec. 3. (SB 803) Effective January 1, 2016.