Property Taxation. Historic Structure Exclusion

PROPERTY TAXATION. HISTORIC STRUCTURE EXCLUSION. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Under present Constitution provisions, real property is reassessed for taxation purposes when new construction occurs. Exceptions are made for reconstruction after a disaster and for certain solar energy and seismic safety construction. This measure adds additional exceptions for specified construction on certified historic structures that are dwellings occupied by an owner as a principal residence. The exclusion applies to any addition to, or alteration or rehabilitation of, a certified historic structure which is a historically accurate reconstruction of once extant features, necessary for safety or handicapped access, or required by safety codes. Summary of Legislative Analyst\u27s estimate of net state and local government fiscal impact: Loss of property tax revenues to local governments estimated to be less than $100,000 annually. Increase in state government expenditures of about 32% of this amount to compensate local school districts for their share of property tax revenue losses