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1996-97 tax bill under "Total Value" or, thereafter, the appraised | | value of real and personal property when purchased, newly | | constructed or a change in ownership has occurred after the 1997 | | assessment.__All real and personal property not already assessed up | | to the state regulation of 100% valuation of the 1996-97 total | | value may be reassessed to reflect that valuation.__For purposes of | | this section, "newly constructed" does not include real property | | that is reconstructed after a disaster, as declared by the | | Governor, where the fair market value of the real property, as | | reconstructed, is comparable to its fair market value prior to the | | disaster.__Also, the term "newly constructed" shall not include the | | portion of reconstruction or improvement to a structure, | | constructed of reinforced masonry bearing wall construction, | | necessary to comply with any local ordinance relating to seismic | | safety during the first 15 years following that reconstruction or | | improvement.__Depreciation on personal property shall be | | depreciated and listed from the annual form as supplied by the | | taxpayer. |
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| | | However, the Legislature may provide that under appropriate | | circumstances and pursuant to definitions and procedures | | established by the Legislature, any person over the age of 55 | | years who resides in property which is eligible for the | | homeowner's exemption and any implementing legislation may | | transfer the base year value of the property entitled to | | exemption, with the adjustments authorized by subsection 5, to | | any replacement dwelling of equal or lesser value located within | | the same state and purchased or newly constructed by that person | | as his or her principal residence within 2 years of the sale of | | the original property.__For purposes of this section, "any person | | over the age of 55 years" includes a married couple one member of | | which is over the age of 55 years.__For purposes of this section, | | "replacement dwelling" means a building or structure or other | | shelter constituting a place of abode, whether real property and | | personal property, and any land on which it may be situated.__For | | purposes of this section, a 2-dwelling unit shall be considered | | as 2 separate single-family dwellings.__This paragraph shall | | apply to any replacement dwelling that was purchased or newly | | constructed on or after passage of this article. |
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| | | In addition, the Legislature may authorize a government entity, | | after consultation with the local affected agencies within the | | government entity's boundaries, to adopt an ordinance making the | | provisions of this subdivision relating to transfer of base year | | value also applicable to situations in which the replacement | | dwellings are located in that government entity and the original | | properties are located in another county within this State.__For | | purposes of this paragraph, "local affected agency" means any | | city, special district, school district or community college | | district that receives an annual property tax revenue |
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