AB 613
Property taxation: assessment: affordable commercial property.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, known as the Community-Owned Real Estate (CORE) Act, amends California’s property tax assessment rules to consider certain restrictions on land use when determining property values. Specifically, it adds renewable leases between commercial community ownership entities and small businesses or nonprofits to the list of enforceable restrictions that assessors must consider. The bill also includes provisions regarding data collection and reimbursement for state-mandated costs, and it explicitly states that the state will not reimburse local agencies for property tax revenue losses resulting from this legislation’s provisions.
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