§ 66-7.402. Definitions.

The following definitions shall apply herein:

(1)

"Comparable replacement property" means a replaced property that has a full cash value of equal or lesser value as defined in subsection (3) of this section.

(2)

"Disaster" means a major misfortune or calamity in an area subsequently proclaimed by the Governor to be in a state of disaster as a result of the misfortune or calamity.

(3)

"Equal or lesser value" means that the amount of the full cash value of a replacement property does not exceed one of the following:

(A)

One hundred five percent of the amount of the full cash value of the original property if the replacement property is purchased or newly constructed within the first year following the date of the damage or destruction of the original property;

(B)

One hundred ten percent of the amount of the full cash value of the original property if the replacement property is purchased or newly constructed within the second year following the date of the damage or destruction of the original property;

(C)

One hundred fifteen percent of the amount of the full cash value of the original property if the replacement property is purchased or newly constructed within the third year following the date of the damage or destruction of the original property.

For the purposes of this definition, if the replacement property is, in part, purchased and, in part, newly constructed, the date the "replacement property is purchased or newly constructed" is the date of the purchase or the date of completion of new construction, whichever is later. For purposes of this definition, "full cash value of the original property" shall be the total amount of the full cash value of land and improvements immediately prior to its substantial damage or destruction, as determined by the county assessor of the county in which the property is located.

(4)

"Original property" means a building, structure or other shelter constituting a place of abode, whether real property or personal property, that is owned and occupied by a claimant as his or her principal place of residence, and any land owned by the claimant on which the building, structure or other shelter is situated, that has been substantially damaged or destroyed by a disaster, as declared by the Governor. For purposes of this definition, land constituting a part of original property includes only that area of reasonable size that is used as a site for a residence, and "land owned by the claimant" includes land for which the claimant either holds a leasehold interest described in subdivision (c) of Section 61 of the Revenue and Taxation Code or a land purchase contract. For purposes of this definition, each unit of a multiunit dwelling shall be considered a separate original property.

(5)

"Owner or owners" means an individual or individuals, but does not include any firm, partnership, association, corporation, company, other legal entity or organization of any kind.

(6)

"Replacement property" means a building, structure or other shelter, or other personal property, that is owned and occupied by a claimant as his or her principal place of residence, and any land owned by the claimant on which the building, structure or other shelter is situated. For purposes of this subsection, land constituting a part of the replacement dwelling includes only that area of reasonable size that is used as the site for a residence, and "land owned by the claimant" includes land for which the claimant either holds a leasehold interest described in subdivision (c) of Section 61 of the Revenue and Taxation Code or a land purchase contract. For the purposes of this subsection, each unit of a multiunit dwelling shall be considered a separate replacement dwelling.

(7)

"Substantially damaged or destroyed" means property that sustains physical damage amounting to more than fifty percent of value when the total full cash value of land and improvements after the disaster is compared to the total full cash value of land and improvements immediately prior to the disaster. Damage includes a diminution of value in the value of property as a result of restricted access to the property where the restricted access was caused by the disaster and is permanent in nature.

(Ord. 94-56 § 1).