Bill > SB603

This bill amends California property tax law to provide additional flexibility for property owners affected by disasters. Specifically, the bill allows county boards of supervisors to extend by up to three years the time period during which property owners can transfer their original property's base year value to a replacement property if their original property was substantially damaged or destroyed in a Governor-declared disaster. This extension would apply to disasters occurring on or after January 1, 2025, and would help property owners whose homes or buildings are destroyed by events like wildfires, earthquakes, or other significant natural disasters. The bill defines a "disaster" as a major calamity proclaimed by the Governor to be in a state of emergency, and it allows property owners to transfer their original property's tax assessment value to a comparable replacement property within the same county, even if the new property is slightly larger or more valuable. Importantly, the bill also specifies that the state will not reimburse local agencies for any property tax revenues lost due to this provision. The bill takes effect immediately as a tax levy, meaning it can be implemented right away.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB603