CA SB1091

Allows transfer of base year value from disaster-damaged property to replacement property located in a different county (instead of requiring same-county transfers) for disasters occurring January 1, 2017 through July 1, 2018.

Intercounty transfers of base year value are permitted only when the replacement property is acquired or newly constructed on or after the bill's effective date.

Replacement property must be comparable in size, utility, and function to the damaged property, with full cash value not exceeding 120 percent of the original property's value.

No state reimbursement is provided to local agencies for property tax revenues lost under this act, despite being classified as a state-mandated local program.

Bill takes effect immediately as a tax levy but becomes operative only if Senate Constitutional Amendment ____ of the 2017-18 Regular Session is approved by voters.