SB592 aims to protect tenant privacy and facilitate affordable housing conversions by exempting certain property transfers from reassessment.

SB592 modifies California's property tax laws to exempt transfers of residential rental properties to tenant ownership or community land trusts from reassessment, provided certain conditions are met. Specifically, transfers to limited-equity housing cooperatives or community land trusts are exempt if at least 51% of the tenants were residents before the transfer and if the transfer occurs within three years.

SB592 aims to protect tenant privacy and facilitate affordable housing conversions by exempting certain property transfers from reassessment.

SB592 modifies California's property tax laws to exempt transfers of residential rental properties to tenant ownership or community land trusts from reassessment, provided certain conditions are met. Specifically, transfers to limited-equity housing cooperatives or community land trusts are exempt if at least 51% of the tenants were residents before the transfer and if the transfer occurs within three years.