Calif. Revenue and Taxation Code §50, 71, 82, 110.1
Added and amended by A. B. 652
Effective date: July 21st, 2017
While the value of new construction in progress is recorded in property tax rolls on each lien date until construction is complete, the base year value of the new construction for property tax purposes will be set only once construction has been completed.
Applications to reduce the valuation of new construction in progress must be filed the year the valuation was made. Applications to reduce the base year value of completed new construction must be filed within three years of the completion of construction.