CA SB1093

Phases in reassessment of commercial and industrial property to fair market value starting in 2018-19 fiscal year, contingent on voter approval of Senate Constitutional Amendment 5

For 2018-19 fiscal year, only 50% of commercial and industrial properties not yet at fair market value must be reassessed; remaining properties reassessed by 2019-20 fiscal year

Property owners pay reassessment tax increases in installments: one-third in year one and two-thirds in year two for first group of properties; one-half in year one for second group, with forgiven balances

Assessed values increase annually by inflation rate (maximum 2%) during 2019-21 period but cannot exceed fair market value

Takes effect immediately as a tax levy but becomes operative only if SCA 5 is approved by voters, effective January 1, 2018