Bill > SB1352

This bill amends California property tax law to clarify what constitutes "newly constructed" or "new construction" when property is damaged or destroyed by misfortune or calamity, such as a wildfire. Specifically, it defines "substantially equivalent" reconstruction to include situations where the size of the rebuilt improvement does not exceed 110% of its original size before the damage or destruction. This change applies to property damaged or destroyed on or after January 1, 2025, and will affect property tax assessments for lien dates on or after January 1, 2025, aiming to provide property tax relief by preventing certain reconstructions from being taxed as entirely new construction. The bill also includes legislative findings that this relief serves a public purpose and clarifies that the state will not reimburse local agencies for any property tax revenue lost as a result of this change.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1352