SB 1165: Property taxes.

The California Constitution generally limits the maximum amount of any ad valorem tax on real property to 1% of its full cash value and defines full cash value for these purposes as the county assessors valuation of real property as shown on the 197576 tax bill under full cash value or, thereafter, the appraised value of real property when purchased, newly constructed, or a change in ownership has occurred after the 1975 assessment. Existing property tax law requires the assessor to determine a new base year value for the portion of any taxable real property which has been newly constructed and prohibits new construction that is in progress from acquiring a new base year value until the date of completion.

This bill would make nonsubstantive changes to the provision relating to the base year value of real property.