No. SB 1520
Filed under Taxes & Budget.
Affordable Housing Property Tax Exemption; Revising a specified finding that a taxing authority must make in order to elect not to exempt certain property from certain ad valorem taxation; authorizing certain property owners in a multifamily project to apply for and continue to receive an exemption, etc.
Plain English Summary
AI-GENERATEDThe bill changes the data a local government must use to decide whether to deny a property tax break for affordable housing. It requires looking at three years of housing reports instead of just the most recent one.
This makes it harder for local governments to opt out of giving the tax break. They must now prove a surplus of affordable units over renter households for three consecutive years.
The bill also creates a new rule for developers. If a local government passes a new ordinance denying the tax break, developers who got final approval just before that vote can still get the break.
AIPermits owners of multifamily properties that received final site plan approval within one year before a local opt-out ordinance to still apply for and receive the tax exemption.
AISpecifies that the amendments to the affordable housing property tax exemption statute first apply to the 2027 property tax roll.