Community Land Trust Property Tax Exemption

Community Land Trust Property Tax Exemption Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only. The LAO is unable to guarantee the accuracy of this translation and is therefore not liable for any inaccurate information resulting from the translation application tool. Choose your language: × Skip to main content Home --> Policy Areas Capital Outlay, Infrastructure Criminal Justice Economy and Taxes Education Environment and Natural Resources Health and Human Services Local Government State Budget Condition Transportation Other Government Areas Publications The Budget Propositions and Initiatives Staff Careers About Us Search LAO Contact Brian Uhler See More Publications Like This Back to the Top --> Tweet December 20, 2024 Community Land Trust Property Tax Exemption Properties used to provide affordable housing to low-income Californians generally are exempt from property taxes. One such type of property is affordable housing built on land owned by a community land trust. Chapter 636 of 2022 (AB 1206, Bennett) modified the rules community land trust properties must meet to qualify for the property tax exemption, making it easier for properties to maintain their exemption when low-income residents experience a modest gain in income. Assembly Bill 1206 also required our office to report data on the use of the exemption by community land trust properties. County Survey Results. The Board of Equalization has requested information from counties about community land trust properties each year since 2020. Results from this survey are summarized in Figure 1. These results are somewhat limited, as some counties responded in some years and not others and other counties did not respond at all. That being said, the data do not point to any clear trend, either in the number of community land trust properties or the number of such properties claiming a property tax exemption. The data also suggest that these provisions affect an extremely small segment of properties statewide. Figure 1 Community Land Trust Properties in California Number of Parcels Statewide Total Claiming Property Tax Exemption 2020 171 30 2021 101 16 2022 131 21 2023 226 9 Fiscal Effects Likely Limited. While the data is limited, our best estimate is that the effect of AB 1206 on property tax revenues is minor, probably a few million dollars per year at the very most. Subscribe | California State Legislature | Online Voter Registration | Privacy Policy | Accessibility Legislative Analyst's Office | The California Legislature's Nonpartisan Fiscal and Policy Advisor 925 L Street, Suite 1000 Sacramento, CA 95814 | (916) 445-4656