CA SB909

Expands the definition of "owned" in property tax postponement law to include the interest of a beneficiary of a special needs trust, provided the Controller determines the state's interest is adequately protected.

Allows special needs trust beneficiaries to claim property tax postponement on residential dwellings held in trust, subject to the same requirements as other claimants including the 40 percent equity threshold.

Incorporates a conditional provision that Section 1.5 becomes operative only if both SB 909 and AB 1952 are enacted before January 1, 2017, with SB 909 enacted last, to coordinate amendments to Section 20583.

Adds exclusion that residential dwellings subject to a Property Assessed Clean Energy (PACE) bond are not eligible for property tax postponement.

Specifies that no state reimbursement is required for local agencies or school districts since costs result only from changes to crime penalties under Government Code Section 17556.