Real property tax; determining fair market value of real property owned by a community land trust.

Requires the assessor, in determining the fair market value of structural improvements conveyed by a community land trust, subject to a ground lease having a term of at least 90 years, while retaining a preemptive option to purchase such structural improvements at a price determined by a formula that is designed to ensure that the improvements remain affordable to low-income and moderate-income families in perpetuity, to consider (i) certain restrictions on the price at which the improvements may be sold and (ii) the amount of loans of the owner of the improvements as evidenced by a deed of trust or leasehold deed of trust on the improvements or underlying real property owned by the community land trust and that earns no interest and requires no repayment prior to satisfaction of any interest-earning promissory note or a subsequent transfer of the property, whichever comes first.