"Property Taxation. Transfer of Base Year Value."
PROPERTY TAXATION. TRANSFER OF BASE YEAR VALUE. LEGISLATIVE CONSTITUTIONAL AMENDMENT. • Authorizes Legislature to authorize county boards of supervisors to adopt an ordinance allowing transfer of base year value of property located in another county substantially damaged or destroyed by a disaster, to replacement property located within adopting county, acquired or newly constructed within three years of substantial damage or destruction. • Specifies that scope and amount of benefits from transfer are subject to existing constitutional provisions. • Provisions applicable to replacement property acquired on or after October 20, 1991, and to determination of base year values for fiscal years 1991-92 and thereafter. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: • If implemented, local property tax revenues could decrease by an unknown, but probably not significant, amount. • About half of any local property tax losses would be made up by additional state payments to school districts.
Property Taxation. Transfer of Base Year Value. California Proposition 171 (1993).