CA AB2651

Extends the property tax welfare exemption for community land trusts from January 1, 2025 to January 1, 2027, allowing continued exemption for properties developed as affordable housing.

Expands eligibility for properties acquired before January 1, 2022 to receive exemption for lien dates occurring on and after January 1, 2020 and before January 1, 2027.

Requires community land trusts to begin development or rehabilitation by January 1, 2027 (for pre-2022 acquisitions) or within five years of acquisition (for post-2022 acquisitions), with liability for back property taxes if deadlines are not met.

Mandates community land trusts notify county assessors if properties are not in the course of construction by specified deadlines.

Requires the State Board of Equalization to annually collect data from county assessors on exempted assessed value and housing units created by community land trusts to evaluate program effectiveness.