AB 245: Property taxation: application of base year value: disaster relief.

The bill aims to amend the property tax code in California to provide relief to property owners who lost their properties due to the 2025 wildfires. The bill would extend the time period for applying the base year value to replacement properties from 5 years to 8 years if the property was damaged or destroyed by the wildfires on or after January 7, 2025, but before February 1, 2025. This would allow property owners to rebuild or replace their properties within the extended time frame. Additionally, the bill would require that the fair market value of the property takes into account any reduction in value due to damage, destruction, or other factors. The bill also includes provisions for reimbursement of costs mandated by the state and declares that it is to take effect immediately.