California Revenue and Taxation Code 5813 – For each lien date after the lien date for which the base year value …
For each lien date after the lien date for which the base year value is determined, the taxable value of a manufactured home shall be the lesser of:
(a) Its base year value, compounded annually since the base year by an inflation factor, which shall be the percentage change in the cost of living, as defined in Section 51, provided, that any percentage increase shall not exceed 2 percent of the prior year’s value; or
Terms Used In California Revenue and Taxation Code 5813
- base year value: as used in this part means the full cash value of a manufactured home on the date the manufactured home is purchased or changes ownership. See California Revenue and Taxation Code 5802
- Lien: A claim against real or personal property in satisfaction of a debt.
- Manufactured home: as used in this part , does not include a manufactured home which has become real property by being affixed to land on a permanent foundation system pursuant to §. See California Revenue and Taxation Code 5801
(b) Its full cash value, as defined in Section 5803, as of the lien date, taking into account reductions in value due to damage, destruction, depreciation, obsolescence, or other factors causing a decline in value; or
(c) If the manufactured home is damaged or destroyed by disaster, misfortune, or calamity, its value determined pursuant to (b) shall be its base year value until the manufactured home is restored, repaired or reconstructed or other provisions of law require establishment of a new base year value.
(Amended by Stats. 2002, Ch. 775, Sec. 40. Effective January 1, 2003.)