SB 592
Property tax: change in ownership: residential rental property.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill modifies California property tax law to exempt certain transfers of residential rental property from reassessment. Specifically, it excludes transfers of properties occupied by tenants to nonprofit public benefit corporations, nonprofit mutual benefit corporations, limited equity housing cooperatives, or community land trusts, provided that tenants meet specific participation requirements (at least 51% of tenants signing a petition or supporting the purchase). The bill also requires specific reporting and documentation for these types of transfers and clarifies the state’s reimbursement obligations for lost property tax revenue due to these exemptions.
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