CA SB1056

Provides a property tax welfare exemption for property owned by community land trusts that is being or will be developed or rehabilitated as owner-occupied housing, multifamily units, limited equity housing cooperative units, or rental housing for low and moderate income persons and families, effective for lien dates on or after January 1, 2019.

Exemption cannot be denied based on property not currently containing housing in the course of construction, provided a deed restriction or enforceable affordability contract is recorded on or before the lien date following acquisition.

Community land trusts become liable for back property taxes if property is not developed or rehabilitated within 5 years of the lien date following acquisition, with assessments made within 5 years of the date the property becomes subject to taxation.

Requires any assessment made when exempted property becomes taxable to be completed within 5 years of the lien date following the date the property becomes subject to taxation.

State shall not reimburse local agencies for property tax revenues lost due to this exemption.