California AB613 amends property tax assessment rules to consider use restrictions and affordability covenants on commercial and residential.

California AB613 modifies property tax assessment practices by requiring assessors to consider enforceable use restrictions, including zoning, recorded contracts, and environmental constraints, when determining property value. It also mandates that assessors consider affordability restrictions on residential properties leased by community land trusts to low-income families. The bill allows for the use of representative sales information for comparable lands under similar restrictions.

California AB613 amends property tax assessment rules to consider use restrictions and affordability covenants on commercial and residential.

California AB613 modifies property tax assessment practices by requiring assessors to consider enforceable use restrictions, including zoning, recorded contracts, and environmental constraints, when determining property value. It also mandates that assessors consider affordability restrictions on residential properties leased by community land trusts to low-income families. The bill allows for the use of representative sales information for comparable lands under similar restrictions.