Eliminate Destroyed Property Tax Reimbursement Program

Joint Budget Committee. Current law allows the owner of real or business personal property that was destroyed by a natural cause, as determined by the county assessor, to be reimbursed by the state in an amount equal to the amount of property tax levied on the destroyed property in the property tax year in which the natural cause destroyed the property (reimbursement program). Beginning with property tax year 2025, the bill ends the reimbursement program.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)