AB 985: Chiquita Canyon Landfill: property tax reassessment and penalties.

This bill amends sections 4217, 4837.5, and 4985.2 of the revenue and taxation code to address the impact of the Chiquita Canyon elevated temperature landfill event on properties within a 5-mile radius of the landfill in Los Angeles County. The bill requires reassessment of these properties to reflect any decline in value caused by the event, with reassessments being retroactive to January 1, 2022. Taxpayers within this radius will receive notice of the assessment value change after reassessment. The bill also prohibits installment redemption plans from being considered in default until April 10, 2030, for properties within the specified radius, and suspends taxes due on these properties until that date if all payments were made on time. Additionally, the bill authorizes cancellation of penalties and costs resulting from tax delinquency due to hardship caused by the landfill event. The…