Amended
IN
Assembly
March 24, 2022 |
Introduced by Assembly Member Mullin |
February 18, 2022 |
The California Constitution generally limits the maximum amount of any ad valorem tax on real property to 1% of its full cash value and defines “full cash value” for these purposes as the county assessor’s valuation of real property as shown on the 1975–76 tax bill under “full cash value” or, thereafter, the appraised value of real property when purchased, newly constructed, or a change in ownership has occurred after the 1975 assessment. Existing property tax law requires the assessor to determine a new base year value for the portion of any taxable real property which has been newly constructed and prohibits new construction that is in progress from acquiring a new base year value until the date of completion.
This bill would make nonsubstantive changes to the provision relating to the base year
value of real property.
For purposes of base year values as determined by Section 110.1, values determined for property that is purchased or changes ownership after the 1975 lien date shall be entered on the roll for the lien date next succeeding the date of the purchase or change in ownership. Values determined after the 1975 lien date for property that is newly constructed shall be entered on the roll for the lien date next succeeding the date of completion of the new construction. The
value of new construction in progress on the lien date shall be entered on the roll as of the lien date. However, the value of new construction in progress shall not be a base year value until completion of that construction, as described in Section 71.