Provides a partial tax exemption for residential real property transferred to low-income households.

The bill provides a partial tax exemption for residential real property transferred by governmental entities, nonprofit housing organizations, land banks, or community land trusts to low-income households. The exemption ranges from 25% to 75% of the property's assessed value. The exemption can be discontinued if the property ceases to be used for residential purposes, is no longer a primary residence, or is transferred to someone not meeting low-income household criteria. The exemption requires local law or resolution adoption by the relevant jurisdiction.

Provides a partial tax exemption for residential real property transferred to low-income households.

The bill provides a partial tax exemption for residential real property transferred by governmental entities, nonprofit housing organizations, land banks, or community land trusts to low-income households. The exemption ranges from 25% to 75% of the property's assessed value. The exemption can be discontinued if the property ceases to be used for residential purposes, is no longer a primary residence, or is transferred to someone not meeting low-income household criteria. The exemption requires local law or resolution adoption by the relevant jurisdiction.