§ 21-82. Reassessment upon repair, restoration or reconstruction.

(a)

When the property is fully repaired, restored, or reconstructed, the assessor shall make an additional assessment or assessments in accordance with subsection (a)(1) or (a)(2) of this section upon completion of the repair, restoration, or reconstruction:

(1)

If the completion of the repair, restoration, or reconstruction occurs on or after January 1, but on or before May 31, then there shall be two (2) additional assessments. The first additional assessment shall be the difference between the new taxable value as of the date of completion and the taxable value on the current roll. The second additional assessment shall be the difference between the new taxable value as of the date of completion and the taxable value to be enrolled on the roll being prepared.

(2)

If the completion of the repair, restoration, or reconstruction occurs on or after June 1, but before the succeeding January 1, then the additional assessment shall be the difference between the new taxable value as of the date of completion and the taxable value on the current roll.

(b)

On the lien date following completion of the repair, restoration, or reconstruction, the assessor shall enroll the new taxable value of the property as of that lien date.

(c)

For purposes of this section, "new taxable value" shall mean the lesser of the property's (1) full cash value, or (2) factored base year value or its factored base year value as adjusted pursuant to subdivision (c) of Section 70 of the Revenue and Taxation Code.

(Ord. No. 3986, § 14, 7-22-08)