Property taxation: transfer of base year value: disaster relief.
The amendment is expected to impact state laws related to property taxation and disaster relief significantly. By providing a framework for intercounty transfers of base year value, ACA24 seeks to support individuals who may otherwise face significant financial burdens when displaced by disasters. This change aligns with the intent to ease the recovery for homeowners, allowing them to rebuild without incurring excessive tax penalties while also aiming to make the housing market more equitable in the wake of such events. It has the potential to ease the transition for families caused by natural disasters, fostering a quicker recovery process.
Assembly Constitutional Amendment No. 24 (ACA24) proposes to amend the California Constitution regarding property taxation and disaster relief. Specifically, it aims to allow for the transfer of base year value of property that is substantially damaged or destroyed due to a disaster, as declared by the Governor. This amendment adds provisions for intercounty transfers of base year value, allowing homeowners to retain their property tax benefits even when moving to a different county after a disaster. This measure would particularly apply to disasters occurring on or after January 1, 2017, and before July 1, 2018.
Despite its potential benefits, ACA24 may face contention from policymakers concerned about its fiscal implications for counties. Critics may express concerns about how these intercounty transfers might affect local tax revenues and budget allocations. Supporters argue that the measure is crucial for allowing affected homeowners to recover without being penalized through increased property taxes, thus contributing positively to the state’s disaster response mechanisms. The proposal highlights the ongoing debates about balancing local control over taxation with the needs and rights of residents facing disaster recovery.