Generally, R&TC §69 allows an owner of real property substantially damaged or destroyed in a Governor-declared disaster to transfer the base year value of that damaged property to a comparable replacement property acquired or newly constructed in the same county (intracounty) within five years of the date of the disaster.
SB 303 (Ch. 21-540) extends the five-year replacement period to seven years for disaster victims to transfer their base-year value to a new residence under R&TC §69 if the property meets either of the following conditions:
- The last day to transfer their base-year value was on or after March 4, 2020, but on or before the COVID-19 emergency termination date, or March 4, 2022, whichever is earlier; or
- The property was substantially damaged or destroyed on or after March 4, 2020, but on or before the COVID-19 emergency termination date, or March 4, 2022, whichever is earlier.
The “COVID-19 emergency termination date” is the date the Governor announces the termination of the emergency related to the COVID-19 pandemic that was proclaimed on March 4, 2020. As of December 23, 2021, the Governor has not yet terminated the emergency proclamation.