The assessed value of the property in its damaged condition, compounded annually by the inflation factor specified in Revenue and Taxation Code Subdivision (a) of § 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 Revenue and Taxation Code Subdivision (c) of § 70. The new taxable value shall be enrolled on the lien date following completion of the repair, restoration or reconstruction.
(Ord. 1940, passed - -1974; Am. Ord. 2117, passed - -1976; Am. Ord. 2658, passed - -1982; Am. Ord. 3752, passed - -1999)