General Assembly; assessment and taxation of affordable housing use property; provide - CA

Summary

The amendment authorizes the General Assembly to create laws defining how affordable single‑family properties—no larger than five acres and sold to low‑income families—are assessed and taxed. Owners who want the tax benefits must sign a covenant that keeps the home affordable, and breaking that covenant within ten years triggers repayment of the tax savings and possible penalties. The change is intended to encourage more affordable housing in the state.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share