Property taxation: transfer of base year value: disaster relief.

Senator Niello's property tax relief measure extends the timeline for disaster-affected property owners to transfer their original tax assessments to replacement properties, allowing county supervisors to add up to three years beyond the current five-year limit. The extension would apply to properties damaged or destroyed in governor-declared disasters between January 2025 and January 2030.

Under existing law, owners of properties that sustain more than 50% damage from a declared disaster can transfer their base year value to a comparable replacement property within the same county if acquired within five years. The bill authorizes county boards to extend this transfer period to eight years through local ordinance, giving property owners additional time to find suitable replacement properties while maintaining their previous tax assessment levels. This extension would apply to property tax assessments beginning January 2025 through January 2030.

The measure specifies that the state will not reimburse local governments for any property tax revenue reductions resulting from the extended transfer period. As a tax levy, the provisions would take effect immediately upon enactment.