SB 1053: Property taxation: transfer of base year value: disaster relief.

This bill amends the property tax law to provide disaster relief to property owners. It extends the time period for transferring the base year value of a property that has been substantially damaged or destroyed by a disaster to a comparable property or replacement property within the same county. The extended time period is up to 3 years, allowing property owners more time to recover from a disaster. The bill also eliminates the state's annual reimbursement to local agencies for lost property tax revenues, allowing them to retain the lost revenue. The bill takes effect immediately as a tax levy, meaning it applies to lien dates occurring on or after January 1, 2026.