AB 1253: Property taxation: newly constructed property: reconstruction of damaged or destroyed property.

The bill aims to update the definition of "newly constructed" property in California, specifically in cases where the property has been damaged or destroyed by a natural disaster. Currently, any reconstruction of the property is excluded from the definition, but this bill would allow the assessor to align the assessment of "substantial equivalence" with the government's requirements for reconstruction. This means that if the government sets specific standards for rebuilding, the assessor can use those standards to determine the value of the rebuilt property. This change is intended to ensure that the assessed value of the property is accurate and fair in the face of natural disasters.