Bill > AB245

This bill provides property tax relief for owners of real estate damaged by specific fires in California in early 2025, specifically the Palisades, Eaton, Hurst, Lidia, Sunset, and Woodley Fires. The bill extends the time period for applying the original property's base year value to reconstructed property from five to eight years, allowing property owners more time to rebuild after a disaster. Additionally, the bill requires that when assessing the property's value on January 1, 2025, assessors must take into account any reductions in value caused by damage, destruction, depreciation, or other factors. To qualify, the property must have sustained damage exceeding $10,000 in value and not already be eligible for other tax relief. The bill is designed to help property owners in Los Angeles and Ventura Counties recover from fire damage by providing tax flexibility, and it is classified as an urgency statute, meaning it will take effect immediately upon passage. The legislation also includes provisions ensuring that these tax relief measures do not constitute a gift of public funds and are intended to prevent undue hardship for property owners affected by these specific fires.

Budget and Finance

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