Real property tax: welfare exemption: community land trusts.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Pending Referral
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill makes a technical adjustment to California’s property tax laws to clarify that community land trusts qualify for a welfare exemption. Specifically, it ensures that properties owned by community land trusts, being developed or renovated as affordable housing, are eligible for the exemption if certain conditions are met, including the recording of affordability restrictions. The bill also addresses the timeline for property tax liability if development or rehabilitation isn't progressing as planned.
Key provisions
- Clarifies that community land trusts qualify for the welfare exemption for affordable housing.
- Specifies acceptable uses for properties eligible for the exemption (single-family homes, multifamily units, limited equity cooperatives, rental developments).
- Requires recording of affordability restrictions (contracts or deeds) to qualify for the exemption.
- Establishes a timeline for property tax liability if development isn't progressing.
- Defines key terms related to community land trusts and affordable housing.
- Extends the period during which community land trusts can qualify for the exemption.
Who is affected
- Community Land Trusts
- Nonprofit Organizations
- Low- and Moderate-Income Residents
- Housing Developers
- County Assessor's Offices
Notable changes
Bill text
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Sponsors
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1 on record
Primary sponsor
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