Assessment of community land trust property.

HB 1598 changes how property taxes are calculated for community land trusts (CLTs). It requires that the true market value of both the land and any buildings or structures on it be used for tax assessment, rather than alternative methods. This directly affects CLTs, which own land and lease it to residents for affordable housing, ensuring their property taxes reflect actual market value. The bill aims to create a fairer tax system for these organizations that provide long-term affordable housing.