CA SB1115

Increases the property tax exemption cap for low-income rental housing from $10,000,000 to $20,000,000 in assessed value for lien dates on or after January 1, 2019.

Requires cancellation of any outstanding qualified ad valorem property taxes levied between January 1, 2017 and January 1, 2019 that exceeded the previous $10,000,000 limitation, along with related interest and penalties, to the extent the cancellation does not exceed the new $20,000,000 cap.

Prohibits escape assessments on qualified low-income rental housing properties on or after January 1, 2019 if those assessments would be subject to cancellation under this bill.

Applies only to rental housing where 90% or more of occupants are lower-income households meeting rent restrictions, and excludes properties owned by limited partnerships with nonprofit managing general partners.

Provides no state reimbursement to local agencies for property tax revenues lost as a result of this bill.