Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2010
 

Revenue and Taxation Code

Property Taxation

Part 2. Assessment

CHAPTER 1. Taxation Base

Article 1. Taxable and Exempt Property

Section 205.1

205.1. Veterans'; change in assessment ratio. Section 205 of this code fulfills the intent of subdivisions (o), (p), (q), and (r) of Section 3 of Article XIII of the Constitution. To further carry out the intent of subdivisions (o), (p), (q), and (r) of Section 3 of Article XIII of the Constitution, any change in assessment ratio shall not be reason to decrease the amount of the exemption or the amounts used to limit eligibility for such exemption. Whenever assessed value is used as the test of the exemption, the exemption shall be increased accordingly when the assessment ratio is increased to 100 percent. Whenever the valuation of assessable property is used to determine eligibility for such exemption based on the limitations on the value of property owned, such limitations shall be increased accordingly when the assessment ratio is increased to 100 percent to maintain the same proportionate values of such property and such limitations.

History.—Added by Stats. 1978, Ch. 1207, in effect January 1, 1979, operative January 1, 1981. Stats. 1979, Ch. 260, in effect July 17, 1979, added "or the amounts used to limit eligibility for such exemption." to the first sentence and added the last sentence.