SB 996 Summary

• Increases the total property tax exemption amount for rental housing serving lower income households from $20,000 to $10,000,000 in assessed value for lien dates on or after January 1, 2017.

• Cancels outstanding qualified ad valorem taxes and related interest or penalties levied between January 1, 2013 and January 1, 2017 on qualifying affordable rental housing, up to a maximum of $100,000 per taxpayer per fiscal year.

• Prohibits escape assessments on qualified affordable rental housing properties effective January 1, 2017 if those assessments would be subject to cancellation under the bill.

• Requires claims for welfare exemption on qualifying properties to be accompanied by an affidavit listing units occupied by lower income households and providing nonpersonally identifiable information about occupant income and rents; mandates this affidavit remain confidential and not subject to public disclosure.

• Specifies that no state reimbursement shall be provided to local agencies for property tax revenues lost under this act.