Property tax: exclusion from reassessment: home hardening retrofitting improvements.

Summary

If enacted, this bill would add Section 74.1 to the Revenue and Taxation Code, creating a property tax exclusion for home hardening retrofitting improvements that reduce wildfire risk. The exclusion applies to the assessed value of qualifying improvements made to primary residences, subject to certain limits and certification requirements. Lenders and servicers may need to adjust escrow calculations and disclosure practices to reflect the reduced tax liability for affected borrowers.