CA AB245

Extends the deadline from 5 years to 8 years for property owners affected by the January 2025 Los Angeles fires (Palisades, Eaton, Hurst, Lidia, Sunset, and Woodley fires) to reconstruct on the same site and retain their original property tax base year value

Requires that property valuations for January 1, 2025 account for reductions in value due to fire damage, destruction, depreciation, obsolescence, or removal of property for properties impacted by the 2025 fires, provided the decline in value exceeds $10,000

Applies to properties that sustained physical damage exceeding 50% of the improvements' full cash value immediately prior to the disaster

Enacted as an urgency statute taking effect immediately upon Governor's approval on October 10, 2025, to provide rapid property tax relief to fire victims in Los Angeles and Ventura counties

State will not reimburse local agencies for lost property tax revenues resulting from this relief measure