Bill > AB245

This bill provides property tax relief for owners of real property that was substantially damaged or destroyed in specific fire disasters in 2025 located in Palisades, Eaton, Hurst, Lidia, Sunset, or Woodley. The bill extends the timeframe for property owners to reconstruct damaged property while maintaining their original property tax base year value from five to eight years. Additionally, it requires that the fair market value of affected properties on January 1, 2025, take into account reductions in value due to damage, destruction, depreciation, obsolescence, or other factors that cause a decline in value. The bill applies specifically to properties where the total value lost exceeds $10,000 and is not already eligible for other relief programs. The legislation is designed to help property owners avoid financial hardship by allowing them to reconstruct their properties without immediately triggering a reassessment that could significantly increase their property taxes. The bill is classified as an urgency statute, meaning it will go into effect immediately to provide timely assistance to property owners impacted by these specific fire disasters in Los Angeles and Ventura Counties.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB245