BILL NUMBER: AB 483	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Ting

                        FEBRUARY 19, 2013

   An act to amend Section 402.5 of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   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 1.  Section 402.5 of the Revenue and Taxation Code is
amended to read:
   402.5.  When valuing property by comparison with sales of other
properties, in order to be considered comparable, the sales shall be
sufficiently near in time to the valuation date, and the properties
sold shall be located sufficiently near the property being valued,
and shall be sufficiently alike in respect to character, size,
situation, usability, zoning  ,  or other legal restriction
as to use unless rebutted pursuant to Section 402.1, to make it clear
that the properties sold and the properties being valued are
comparable in value and that the cash equivalent price realized for
the properties sold may fairly be considered as shedding light on the
value of the property being valued. "Near in time to the valuation
date" does not include any sale more than 90 days after the 
lien   valuation  date.