Relating to property tax exemption for seismic retrofitting costs; and prescribing an effective date.

Authorizes city or county to adopt ordinance or resolution providing property tax exemption to commercial, industrial and multifamily buildings built before January 1, 1993, that will be seismically retrofitted, for period not to exceed 15 years. Defines "eligible costs" to mean costs directly related to work necessary to seismically retrofit eligible property incurred after application for exemption has been approved. Caps dollar amount of exemption at specified eligible costs to seismically retrofit building. Authorizes city or county to impose other restrictions and conditions that do not conflict with Act. Provides that ordinance or resolution becomes effective only if rates of taxation of taxing districts located within territory of local government whose governing boards agree to exemption or partial exemption, when combined with rate of local government adopting exemption or partial exemption, equal 75 percent or more of total combined rate of taxation within territory of local government. Requires taxing districts to impose limit on total amount of exemptions and partial exemptions. Authorizes county assessor to charge owner of building fee of up to $200 for first year and up to $100 for each subsequent year for which property exemption or partial exemption is granted. Requires application for exemption to include plans, calculations and other documentation prepared and stamped by registered structural engineer or architect establishing that proposed seismic retrofitting meets or exceeds specified performance standard. Provides for clawback of property tax upon disqualification for failure to comply with eligibility requirements or make reasonable progress on seismic retrofitting or for misleading or false statements in application. Authorizes city or county to provide owner with opportunity to cure grounds for disqualification. Sunsets authority to adopt ordinance or resolution on January 2, 2028. Takes effect on 91st day following adjournment sine die.