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CA SB1415
Bill
Status
Introduced
2/20/2026
Primary Sponsor
Jesse Arreguin
Click for details
AI Summary
- Extends California's property tax welfare exemption to include rental housing serving moderate-income households (up to 120% of area median income), not just lower-income households currently covered
- Applies only to newly constructed residential units or commercial-to-residential conversions completed on or after January 1, 2027, with the exemption available for 20 years from initial filing
- Requires a minimum 55-year affordability deed restriction and rents below fair market rate, with initial rents at least 10% below market if market rent equals or is less than moderate-income affordable rent levels
- Property owners must conduct market studies at initial lease-up and every five years thereafter, with annual rent increases capped at the percentage increase in Area Median Income
- State will not reimburse local agencies for lost property tax revenues resulting from this exemption; takes effect immediately as a tax levy
Legislative Description
Real property tax: welfare exemption: moderate-income housing.
Last Action
Referred to Com. on REV. & TAX.
3/4/2026
Committee Referrals
Revenue and Taxation3/4/2026
Rules2/20/2026
Full Bill Text
No bill text available