Property taxation: newly constructed: reconstructed property.

Summary

The bill lets owners of property that was substantially damaged or destroyed by a declared disaster use the property’s original base‑year value for tax purposes when they rebuild on the same site, as long as the new building’s size or value stays within specified thresholds. It applies to reconstruction done within five years of the disaster and is effective for fiscal years 2026‑27 through 2034‑35. The state will not reimburse local agencies for any property‑tax revenue lost because of this relief.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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