The assessed value of the property in its damaged condition, as determined pursuant
to the foregoing provisions, compounded annually by the inflation factor specified
in subdivision (a) of Revenue and Taxation Code Section 51, shall be the taxable value of the property until it is restored, repaired, reconstructed
or other provisions of the law require the establishment of a new base year value.
If partial reconstruction, restoration, or repair has occurred on any subsequent lien
date, the taxable value shall be increased by an amount determined by multiplying
the difference between its factored base year value immediately before the calamity
and its assessed value in its damaged condition by the percentage of the repair, reconstruction,
or restoration completed on that lien date.
When the property is fully repaired, restored or reconstructed, its new taxable value
shall be the lesser of (1) its full cash value, or (2) its factored base year value
or its factored base year value as adjusted pursuant to subdivision (c) of Revenue
and Taxation Code Section 70. The new taxable value shall be enrolled on the lien
date following completion of the repair, restoration, or reconstruction.
(Ord. 82-39).
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