Bill > SB592

This bill modifies California property tax law by creating new provisions that prevent property tax reassessments when certain types of residential rental properties are transferred to specific entities. Specifically, the bill allows property tax assessment to remain unchanged when residential properties are transferred to a limited-equity housing cooperative or a community land trust, provided certain conditions are met. For a limited-equity housing cooperative, at least 51% of the current tenants must participate in the ownership through voting shares or membership interests, and the cooperative must have a two-year grace period to achieve this tenant participation level. For a community land trust, the transfer must be supported by at least a majority of current tenants. The bill also establishes detailed requirements for what constitutes a limited-equity housing cooperative, including restrictions on how membership interests can be valued and transferred, and mandates specific reporting requirements for these cooperatives. Additionally, the bill protects the privacy of tenants by exempting tenant support petitions from public disclosure and requires that any documentation provided to county assessors maintain tenant confidentiality. The legislation is designed to facilitate affordable housing conversions and protect tenants' ability to collectively purchase and maintain their residential properties without triggering property tax reassessments.

Budget and Finance, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB592