Bill > SB603

This bill modifies existing property tax law to provide additional relief for property owners in counties affected by disasters. Currently, property owners can transfer their original property's base year value (a key tax assessment metric) to a comparable replacement property within the same county if their original property was substantially damaged or destroyed, and this must be done within five years of the disaster. The bill would allow county boards of supervisors in counties declared to be in a state of emergency or disaster between January 1, 2025, and January 1, 2030, to extend this transfer period by up to three additional years. This means property owners would have up to eight years to find and transfer their property tax assessment to a comparable replacement property. The bill applies to property tax lien dates occurring between January 1, 2025, and January 1, 2030. Importantly, the state will not reimburse local agencies for any property tax revenues lost as a result of this extension. The bill takes effect immediately as a tax levy, which means it can be implemented right away, providing flexibility for property owners recovering from disasters during the specified time frame.

Budget and Finance

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