Calif. Revenue and Taxation Code §§214, 214.19
Added and amended by S. B. 1115
Effective date: January 1, 2019
Rental housing owned by charitable organizations is partly exempt from property taxes, provided at least 90% of the occupants are low-income households whose rent is below a previously established threshold. The maximum assessed value qualifying a property for the exemption is raised from $10,000,000 to $20,000,000.
To comply with the current exemption limit, a county will cancel any property tax imposed between January 1, 2017 and January 1, 2019 on qualified property valued up to $20,000,000.