California Code, Revenue and Taxation Code - RTC § 171.5

(a) Notwithstanding Section 51, for purposes of determining the full cash value of qualified real property, the fair market value of that qualified real property on January 1, 2025, shall be its full cash value as of the date the property was damaged or destroyed, taking into account reductions in value due to damage, destruction, depreciation, obsolescence, removal of property, or other factors causing a decline in value.

(b) For purposes of this section, “qualified real property” shall mean real property impacted by the 2025 Palisades Fire, Eaton Fire, Hurst Fire, Lidia Fire, Sunset Fire, or Woodley Fire, for which the Governor proclaimed a state of emergency, if the sum of the full cash values of the land, improvements, and personality before the damage or destruction exceeds the sum of the values after the damage by ten thousand dollars ($10,000) or more, and if the property is not eligible for relief under Section 170.