California Revenue and Taxation Code

§ 69

RTC § 69 Effective Oct 8, 2023Div. 1 · Part 0.5 · Ch. 2

Statute text

(a)Notwithstanding any other law, pursuant to Section 2 of Article XIIIA of the Constitution, the base year value of property that is substantially damaged or destroyed by a disaster, as declared by the Governor, may be transferred to comparable property within the same county, which is acquired or newly constructed within five years after the disaster, including in the case of the Northridge earthquake, as a replacement for the substantially damaged or destroyed property. At the time the base year value of the substantially damaged or destroyed property is transferred to the replacement property, the substantially damaged or destroyed property shall be reassessed at its full cash value. However, the substantially damaged or destroyed property shall retain its base year value notwithstanding the transfer authorized by this section. If the owner or owners of substantially damaged or destroyed property receive property tax relief under this section, that property shall not be eligible for property tax relief under subdivision (c) of Section 70 in the event of its reconstruction.

(b)The replacement base year value of the replacement property acquired shall be determined in accordance with this section. The assessor shall use the following procedure in determining the appropriate replacement base year value of comparable replacement property:

(1)If the full cash value of the comparable replacement property does not exceed 120 percent of the full cash value of the property substantially damaged or destroyed, then the adjusted base year value of the property substantially damaged or destroyed shall be transferred to the comparable replacement property as its replacement base year value.

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Legislative history

Amended by Stats. 2023, Ch. 443, Sec. 2. (AB 556) Effective October 8, 2023.