California Revenue & Taxation Code
Cal. Rev. & Tax. Code § 5813
For each lien date after the lien date for which the base year value is determined, the taxable value of a manufactured home shall be the lesser of:
# (a)
Its base year value, compounded annually since the base year by an inflation factor, which shall be the percentage change in the cost of living, as defined in Section 51, provided, that any percentage increase shall not exceed 2 percent of the prior year’s value; or
# (b)
Its full cash value, as defined in Section 5803, as of the lien date, taking into account reductions in value due to damage, destruction, depreciation, obsolescence, or other factors causing a decline in value; or
# (c)
If the manufactured home is damaged or destroyed by disaster, misfortune, or calamity, its value determined pursuant to (b) shall be its base year value until the manufactured home is restored, repaired or reconstructed or other provisions of law require establishment of a new base year value.
Source: view the official text