CA SB1329

Extends the fair market value formula for certificated aircraft (mainline jets, production freighters, regional aircraft, and converted freighters) from fiscal year 2016-17 through 2017-18 instead of expiring after 2016-17.

Maintains the existing valuation methodology using the Airliner Price Guide "Used Price of Avg. Acft. Wholesale" column adjusted for economic obsolescence based on airline industry financial metrics.

Extends the December 31, 2016 expiration date to December 31, 2017 for provisions requiring a designated lead county assessor's office for each commercial air carrier and requiring single property statements filed with the lead assessor rather than individual county assessors.

Requires commercial air carriers to file one signed property statement with their designated lead county assessor's office for all personal property and fixtures at all airport locations in the state.

Establishes that if the Commission on State Mandates determines the bill imposes state-mandated costs on local agencies, reimbursement shall be made pursuant to existing statutory procedures.