CA AB157

Authorizes the San Diego County Board of Supervisors to extend the property tax base year value transfer period for properties damaged in the Cedar Fires of 2003 from 5 years to 7 years after the disaster.

Allows homeowners to acquire or newly construct comparable replacement property within 7 years (instead of 5) and transfer the base year value from their substantially damaged or destroyed property.

Requires the Legislature to find that a special law is necessary due to unique difficulties faced by Cedar Fire homeowners and declares the act fulfills a statewide public purpose.

Specifies that the state shall not reimburse local agencies for property tax revenues lost as a result of this bill, notwithstanding Section 2229 of the Revenue and Taxation Code.

Takes effect immediately as a tax levy.