California SB603 allows property tax relief for owners of substantially damaged or destroyed property by transferring the base year value to.

California SB603 amends the Revenue and Taxation Code to allow the transfer of base year values for property substantially damaged or destroyed by a disaster to comparable replacement property. This transfer can occur within five years of the disaster, with extensions possible under certain conditions. The bill specifies that only the owner or owners of the substantially damaged or destroyed property can receive tax relief. The replacement property must be similar in size, utility, and function to the damaged property.

California SB603 allows property tax relief for owners of substantially damaged or destroyed property by transferring the base year value to.

California SB603 amends the Revenue and Taxation Code to allow the transfer of base year values for property substantially damaged or destroyed by a disaster to comparable replacement property. This transfer can occur within five years of the disaster, with extensions possible under certain conditions. The bill specifies that only the owner or owners of the substantially damaged or destroyed property can receive tax relief. The replacement property must be similar in size, utility, and function to the damaged property.