AB 483, as introduced, Ting. Property taxation: valuing property: comparable sales.
Existing property tax law requires, when valuing property by comparison with sales of other properties, in order to be considered comparable, the sales to be sufficiently near in time to the valuation date, and the properties sold to be located sufficiently near, and sufficiently alike, to the property being valued, as specified.
This bill would make a clarifying change to this provision.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 402.5 of the Revenue and Taxation Code
2 is amended to read:
When valuing property by comparison with sales of
4other properties, in order to be considered comparable, the sales
5shall be sufficiently near in time to the valuation date, and the
6properties sold shall be located sufficiently near the property being
7valued, and shall be sufficiently alike in respect to character, size,
8situation, usability, zoningbegin insert,end insert or other legal restriction as to use unless
P2 1rebutted pursuant to Section 402.1, to make it clear that the
2properties sold and the properties being valued are comparable in
3value and that the cash equivalent price realized for the properties
4sold may fairly be considered as shedding light on the value of the
5property being valued. “Near in time to the
valuation date” does
6not include any sale more than 90 days after thebegin delete lienend deletebegin insert valuationend insert
7 date.
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