If approved by the voters of the state at the 2026 general election, the concurrent resolution authorizes a county to allow an exemption from property tax imposed by the county to the owner-occupier of single-family residential real property owned outright by the owner-occupier without a mortgage.(Note: This summary applies to this concurrent resolution as introduced.)
Real property or buildings used to provide dwelling accommodations that substantially benefit persons with low income (project property) that is owned, leased, or under construction by a local housing authority, or an entity that is partially or wholly owned by a local housing authority, is exempt from property taxation. Section 1 of the bill clarifies that a "senior cooperative housing project" may qualify for such property tax exemption as a "project" of a local housing authority. A "senior cooperative housing project" is defined as a multi-unit residential building or complex occupied by qualifying seniors that is owned by a cooperative or cooperative housing corporation. A "qualifying senior" is an individual who is at least 65 years old and of low income.The affordable rental housing component of property in a public-private partnership between the middle-income housing authority and one or more public or private entities or persons is exempt from property taxation. Section 2 clarifies that a "senior cooperative housing project" that otherwise meets the qualifications and is selected by the authority may qualify for such property tax exemption as an "affordable rental housing project". "Senior cooperative housing project" has the same meaning as in section 1. A "qualifying senior" also has the same meaning as in section 1 and includes an individual who is of middle income. (Note: This summary applies to this bill as introduced.)
The bill gives city and county housing authorities (housing authority) the power to provide for the levy of a sales tax, sales and use tax, or property tax both within the jurisdiction of the authority, the resulting revenue of which will be directed to the housing authority, subject to the following conditions:The city or county has adopted a resolution determining that the levying of the tax will fairly distribute the costs of the housing authority's activities among the beneficiaries of the housing authority's activities and will not impose an undue burden on any particular group of people or businesses ; andA ballot question has been submitted to a vote of the registered electors of the city or county and subsequently approved by a majority of such registered electors, and the ballot question describes the purposes for which the tax will be used by the housing authority and complies with section 20 of article X of the state constitution. All new tax revenues generated are irrevocably pledged to the authority for the purposes set forth in the ballot question. If a sales or sales and use tax is approved by the voters of a housing authority:The rate of the sales or sales and use tax must not exceed 1% on any transaction taxable by the state , excluding the sale or use of cigarettes ; andThe executive director of the department of revenue shall collect, administer, and enforce the tax, and the city or county shall pay the net incremental cost incurred by the department in the administration and collection of the tax. The authority shall designate a liaison to coordinate with the department of revenue to implement the collection of the tax and to identify people eligible to collect the sales and use tax; and The tax revenue must be directed to a fund of the authority.The provisions authorizing the levy of the sales or sales and use tax will only take effect if the department of revenue receives an amount of gifts, grants, and donations sufficient to pay for the department's costs in administering the tax. If an ad valorem property tax is approved by the voters of a housing authority:The rate of the ad valorem property tax must not exceed 5 mills on each dollar of valuation for assessment of the taxable property within the authority's jurisdiction;The board of county commissioners of the county in which the housing authority is located shall levy the ad valorem property tax upon the valuation for assessment of all taxable property within the authority's jurisdiction;The officials charged with collecting ad valorem property taxes for the county in which the housing authority is located shall collect the taxes at the time and in the form and manner and with like interest and penalties as other property taxes collected within the county;The property tax revenue must be directed to a fund of the authority; andAll property tax revenue, together with interest thereon and penalties for default in payment thereof, and all costs of collecting the same shall constitute, until paid, a perpetual lien on and against the property taxed, and such lien shall be on a parity with the tax lien of other general taxes. The bill gives county housing authorities the power to issue revenue or general obligation bonds and to pledge the authority's revenues and revenue-raising powers for the payment of such bonds. The bill allows an urban renewal authority to enter into a shortfall guaranty contract with an urban renewal project developer (developer) specifying that, if the tax increment revenue is insufficient to pay the indebtedness incurred by the authority that is due, the developer is obligated to make a direct payment covering the full amount of the insufficiency. A shortfall guaranty contract:Constitutes a lien on the urban renewal project property the same as, and equal in priority to, a tax lien;Has priority over any mortgage, lien that is not a tax lien, or other encumbrance;Constitutes a covenant running with the land for the term of the contract; andMay be recorded against the real property upon which the urban renewal project is developed.(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Current law provides an exemption for taxation on property acquired and developed for low-income housing by nonprofit housing providers, community land trusts, and nonprofit affordable homeownership developers. The bill expands the exemption to also include property intended for low-income residential rental property.(Note: This summary applies to this bill as introduced.)
The bill authorizes a county or municipality (local government), after approval by the electors of the local government, to impose an excise or a property tax, or both, on vacant residential properties within the boundaries of the local government (local taxes on vacant residential properties) ( sections 1 and 3 of the bill). A local government may use the revenues collected from either tax only for affordable, attainable, or workforce housing. A county assessor has no duty in implementing local taxes on vacant residential properties, but in an assessor's discretion, the assessor may assist by providing data and information to a local government or local housing tax authority, and may enter into an intergovernmental agreement that provides for compensation in exchange for the assessor's assistance.The bill also creates a process for the creation of a local housing tax authority (authority) by intergovernmental agreement to allow 2 or more counties, cities and counties, or municipalities to form a joint taxing authority to collectively establish, levy, collect, and enforce local taxes on vacant residential properties within the boundaries of the authority ( section 2 ).(Note: This summary applies to this bill as introduced.)
