Revenue and taxation; eliminate ad valorem tax assessment of certain timber at sale or harvest - CA

This bill substitute replaces specific references to 'forest land conservation use property' with broader categories of property receiving preferential tax treatment. The change expands eligibility for tax assessment reductions to include properties under multiple preferential programs rather than just forest land conservation use. The funding provision was also modified to increase the reimbursement rate for local governments from 50% to 100% of lost tax revenue.