SB1053 allows property tax relief for owners of substantially damaged or destroyed property by transferring the base year value to comparable.

SB1053 amends the Revenue and Taxation Code to provide property tax relief for owners of substantially damaged or destroyed property by transferring the base year value to comparable replacement property. This applies to property damaged by disasters declared by the Governor, including the 2018 Woolsey Fire, Camp Fire, and others. The base year value transfer can occur up to three years after the disaster. The replacement property must be similar in size, utility, and function to the original property.

SB1053 allows property tax relief for owners of substantially damaged or destroyed property by transferring the base year value to comparable.

SB1053 amends the Revenue and Taxation Code to provide property tax relief for owners of substantially damaged or destroyed property by transferring the base year value to comparable replacement property. This applies to property damaged by disasters declared by the Governor, including the 2018 Woolsey Fire, Camp Fire, and others. The base year value transfer can occur up to three years after the disaster. The replacement property must be similar in size, utility, and function to the original property.