Benefits on the horizon for victims of the Cedar wildfires.
Section 69 of the California Revenue & Tax Code allows five years for disaster victims to replace their residence and transfer their adjusted Prop 13 property tax basis to their new residence. The State Assembly amended Section 69 to increase the time limit from five to seven years specifically for Cedar fire victims.The next step in the process is for the County Board of Supervisors to adopt an ordinance for the county. It has been unanimously approved by the Board of Supervisors to send it to counsel for drafting. We all know how slowly the wheels of government turn. The ordinance is in the drafting stage currently. It will then come back to the Board of Supervisors for public hearing and then the Board of Supervisors vote, which will probably be sometime in July.The good news is that once the ordinance is passed, Cedar fire victims who purchased new or rebuilt their residence during the additional two year period can file paperwork with the Assessor’s office to have their residence reassessed and possibly get a refund. Now that’s great news!