CA SB1527

Extends the $50,000 property tax exemption limit for possessory interests from the current expiration date of January 1, 2025, through January 1, 2030.

Expands the tribal housing exemption to allow limited partnerships that include a federally recognized Indian tribe or its tribally designated housing entity as the sole general partner to claim the exemption if the property has received a reservation of federal low-income housing tax credits under Internal Revenue Code Section 42.

Requires county assessors to report to the state board on whether and by how much their counties increase the low-value property tax exemption for possessory interests, with results posted publicly on the board's website.

Provides that if the Commission on State Mandates determines the act imposes state-mandated costs on local agencies, reimbursement shall be made through existing statutory procedures.

Specifies that the state shall not reimburse local agencies for property tax revenues lost due to the exemptions authorized by this act and takes effect immediately as a tax levy.