California AB985 amends property tax laws to reassess properties affected by the Chiquita Canyon Landfill event and provides forbearance for mortgage.

California AB985 amends the Revenue and Taxation Code to reassess properties within a five-mile radius of the Chiquita Canyon Landfill to reflect any decline in value due to the landfill event. The reassessments are retroactive to January 1, 2022. The bill also suspends penalties for delinquent taxes for affected properties until April 10, 2030, unless certain conditions are met. Additionally, it provides mortgage forbearance for borrowers experiencing financial hardship due to the landfill event and requires mortgage servicers to offer forbearance consistent with their contractual authority.

California AB985 amends property tax laws to reassess properties affected by the Chiquita Canyon Landfill event and provides forbearance for mortgage.

California AB985 amends the Revenue and Taxation Code to reassess properties within a five-mile radius of the Chiquita Canyon Landfill to reflect any decline in value due to the landfill event. The reassessments are retroactive to January 1, 2022. The bill also suspends penalties for delinquent taxes for affected properties until April 10, 2030, unless certain conditions are met. Additionally, it provides mortgage forbearance for borrowers experiencing financial hardship due to the landfill event and requires mortgage servicers to offer forbearance consistent with their contractual authority.