(a) (1) Notwithstanding any other provision of law, pursuant to the authority of subdivision (i) of Section 2 of Article XIII A of the California Constitution, the base year value of qualified contaminated property may be transferred, subject to the conditions and limitations of that subdivision and this section, to a comparable replacement property of equal or lesser value that is located in the same county and is acquired or newly constructed as a replacement for the contaminated property, pursuant to subparagraph (A) of paragraph (1) of that subdivision. (2) The limitation in paragraph (1) requiring that the qualified contaminated property and the replacement property be located in the same county does not apply in a county in which the county board of supervisors adopts a resolution making the provisions of this section applicable to replacement properties acquired to replace qualified contaminated properties located in another county within this state. The resolution shall specify the date on and after which its provisions are applicable. The specified date may be a date earlier than the date on which the county adopts the ordinance, but no earlier than November 3, 1998. (b) The replacement property shall be acquired or newly constructed within five years after the original property is sold or otherwise transferred. (c) (1) Upon the sale or transfer of the original property, the assessor shall determine a new base year value for that property in accordance with subdivision (a) of Section 2 of Article XIII A of the California Constitution and Section 110.1. (2) This section does not apply unless the sale or transfer of the original property is a change in ownership that does either of the following: (A) Subjects the original property to reappraisal at its current fair market value in accordance with Section 110.1 or 5803. (B) Results in a base year value determined in accordance with this section, Section 69, Section 69.3, Section 69.5, or Section 69.6 because the property qualifies under this section, Section 69, Section 69.3, Section 69.5, or Section 69.6 as a replacement dwelling or property. (d) Property tax relief under this section is not available for a replacement property if the owner or owners of the original property do either of the following: (1) Receive property tax relief under Section 74.7. (2) Sign a claim under Section 63.1 or 63.2 allowing the base year value to stay with the original property. (e) For purposes of this section: (1) The âoriginal propertyâ means the qualified contaminated property. (2) âEqual or lesser valueâ means the amount of the full cash value of a replacement property that 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 sale 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 sale 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 sale of the original property. (D) One hundred twenty percent of the amount of the full cash value of the original property, if the replacement property is purchased or newly constructed within the fourth year following the date of the sale of the original property. (E) One hundred twenty-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 fifth year following the date of the sale of the original property. For purposes of this paragraph, if the replacement property is, in part, purchased and, in part, newly construc
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