CA SB1456

Removes the $20,000,000 assessed value limit on property tax exemptions for low-income rental housing, effective for property tax lien dates on and after the bill's effective date.

Applies the exemption removal only to rental housing meeting existing welfare exemption criteria, including properties with 90% or more lower-income households at affordable rents or those receiving low-income housing tax credits.

Specifies that no state reimbursement shall be provided to local agencies for property tax revenues lost under this bill, despite it imposing duties on local tax officials.

Establishes that if the Commission on State Mandates determines the bill creates state-mandated costs, reimbursement shall follow Government Code Part 7 procedures.

Takes effect immediately as a tax levy under California Constitution Article IV.