CA SB1415

Authorizes persons over age 65 to transfer the base year value of their original property to a replacement dwelling in a different county without requiring county ordinance adoption, effective for transfers on or after January 1, 2011.

Maintains existing provisions allowing persons over 55 or severely disabled individuals to transfer base year value to replacement dwellings of equal or lesser value within the same county.

Requires the state to not reimburse local agencies for property tax revenues lost as a result of this bill, notwithstanding existing reimbursement requirements under Section 2229 of the Revenue and Taxation Code.

Becomes operative only upon voter approval of a referenced Senate Constitutional Amendment from the 2009-10 Regular Session, with an effective date of January 1, 2011.