Exemption from Reassessment Retained for Rebuilt Property Destroyed by Disaster up to 120% of Value of Original

In a Governor-declared disaster an exemption from reassessment will be retained for reconstructed improvements which are comparable to the improvement replaced if similar in size, utility, and function and within 120% of value of original property.

This law allows owners of property substantially damaged or destroyed in a Governor-declared disaster to reconstruct comparable improvements onsite with a return to the former improvement's base year value.  While existing law effectively allows this in a form of a new construction exclusion, this law adds a new provision specific to post-disaster reconstruction following a Governor-recognized event and allows a more generous comparability definition.  Specifically, it defines the term "comparable" using the same 120% definistion used when a victim of a major disaster decides to reconstruct replacement property on site of the damaged property.  Under this definition, reconstructed improvements will be found comparable to the improvement replaced if similar in size, utility, and function and withing 120% of value.  This law applies to real property damaged or destroyed by misfortune or calamity on or after January 1, 2017.

Assembly Bill 2013 is codified as Tax and Revenue Section 70.5. Effective January 1, 2021.

Post a Comment

From Our Blog

Posts By Category

All Categories Carmel California (9) General topics (27) Health (13) Home Technology and Related Topics (7) Housing Market (18) Laws affecting Realtors (10) Monterey (3) Pacific Grove (2) Pacific Grove Victorian homes (2) real estate laws (8) Real Estate related topics (75) Santa Cruz,California (38) Selling A Home (11) Seniors and health (12)

Posts By Month

Grab Our RSS Feed
Current Homes for Sale
Santa Cruz County
City # Price Range
Aptos Homes 364 $195k - $10.0m
Capitola Homes 125 $100k - $7.4m
Rio Del Mar / Seascape Homes 173 $195k - $10.0m
Santa Cruz Events 708 $15k - $23.0m
Santa Cruz Homes 708 $15k - $23.0m
Santa Cruz Real Estate 708 $15k - $23.0m
Monterey County
City # Price Range
$0-$300000 173 $225k - $8.6m
Alta Mesa-Monterey 173 $225k - $8.6m
Big Sur Homes 16 $350k - $32.0m
Carmel Homes 387 $10k - $34.0m
Fishermans Flats 173 $225k - $8.6m
Glenwood Circle Monterey 173 $225k - $8.6m
Monterey Homes For Sale 173 $225k - $8.6m
Oak Grove Monterey 173 $225k - $8.6m
Old Town Monterey 173 $225k - $8.6m
Pebble Beach Homes 104 $800k - $29.0m
New Listing

Email Alerts

Subscribe Today!
Why List

With Us?

Learn More!
What People

Are Saying

Recommendations!