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Copyrighted by SANTA CLARA COUNTY CODE & Municipal Code Corporation, 1998.

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Sec. A30-83. Reassessment upon restoration or repair.

The assessed value of the property in its damaged condition, as determined pursuant to Section A30-79, compounded annually by the inflation factor specified in Revenue and Taxation Code § 51(a) shall be the taxable value of the property until it is restored, repaired, reconstructed or other provisions of the law require the establishment of a new base year value.

If partial reconstruction, restoration or repair has occurred on any subsequent lien date, the taxable value shall be increased by an amount determined by multiplying the difference between its factored base year value immediately before the calamity and its assessed value in its damaged condition by the percentage of the repair, reconstruction or restoration completed on that lien date.

(1) When the property is fully repaired, restored or reconstructed, the Assessor shall make an additional assessment or assessments in accordance with Subparagraph (A) or (B) upon completion of the repair, restoration or reconstruction.

(A) If the completion of the repair, restoration or reconstruction occurs on or after January 1, but on or before May 31, then there shall be two additional assessments. The first additional assessment shall be the difference between the new taxable value as of the date of completion and the taxable value on the current roll. The second additional assessment shall be the difference between the new taxable value as of the date of completion and the taxable value to be enrolled on the roll being prepared.

(B) If the completion of the repair, restoration or reconstruction occurs on or after June 1, but before the succeeding January 1, then the additional assessment shall be the difference between the new taxable value as of the date of completion and the taxable value on the current roll.

(2) On the lien date following completion of the repair, restoration or reconstruction, the Assessor shall enroll the new taxable value of the property as of that lien date.

(3) For purposes of this subdivision "new taxable value" shall mean the lesser of the property's (A) full cash value, or (B) factored base year value or its factored base year value as adjusted pursuant to Revenue and Taxation Code § 70(c).

(Ord. No. NS-300.593, § 8, 1-28-97)

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