CA AB3268

Extends the $50,000 low-value property tax exemption for possessory interests from lien dates occurring January 1, 2020-January 1, 2025 to January 1, 2020-January 1, 2030.

Maintains the $50,000 exemption limit for possessory interests in temporary and transitory uses at publicly owned fairgrounds, convention facilities, and cultural facilities for lien dates occurring on or after January 1, 2030.

Removes the provision allowing county boards to establish a rebuttable presumption that possessory interests in publicly owned streets or sidewalks for parklet operations qualify for the low-value exemption.

Requires each county assessor to report to the State Board of Equalization regarding increases to the low-value property tax exemption for possessory interests, with information to be posted on the State Board's website.

Provides that the state shall not reimburse local agencies for property tax revenues lost pursuant to this act and takes effect immediately as a tax levy.