Amended IN Assembly April 09, 2024 Amended IN Assembly March 21, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 3268Introduced by Assembly Member LowFebruary 16, 2024An act to amend Section 53839 of the Government Code, relating to local government. 155.20 of the Revenue and Taxation Code, relating to taxation.LEGISLATIVE COUNSEL'S DIGESTAB 3268, as amended, Low. Special districts: securitized limited obligation notes. Property taxation: low-value exemption: possessory interests in publicly owned streets and sidewalks.The California Constitution authorizes the Legislature, with the approval of 2/3 of the membership of each house, to allow a county board of supervisors to exempt from property taxation those properties having a value too low to justify the costs of assessment and collection. Existing property tax law implementing this authority generally limits any exemption granted under this constitutional provision by a county board of supervisors to real property with a total base year value, or personal property with a full value, not exceeding $10,000, or $50,000 in the case of certain possessory interests, as specified.This bill would authorize a county board of supervisors, for purposes of making an exemption as described above, to establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for the purpose of operating a parklet has a value too low to justify the costs of assessment and collection.Existing law authorizes a special district, as defined, to incur indebtedness in the form of securitized limited obligation notes, solely for the acquisition or improvement of land, facilities, or equipment, as provided. Existing law prohibits a special district from issuing securitized limited obligation notes after December 31, 2024.This bill would extend the authorization to issue securitized limited obligation notes under these provisions from December 31, 2024, to December 31, 2025, inclusive.Digest Key Vote: MAJORITY2/3 Appropriation: NO Fiscal Committee: NOYES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 155.20 of the Revenue and Taxation Code is amended to read:155.20. (a) (1) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(2) For purposes of making an exemption pursuant to paragraph (1), a county board of supervisors may establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for purposes of operating a parklet has a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(b) (1) (A) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than ten thousand dollars ($10,000), except as otherwise provided in subparagraph (B).(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:(i) For lien dates occurring on or after January 1, 2020, and before January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest.(ii) For lien dates occurring on or after January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest, for a temporary and transitory use, in a publicly owned fairground, fairground facility, convention facility, or cultural facility. For purposes of this paragraph, publicly owned convention or cultural facility means a publicly owned convention center, civic auditorium, theater, assembly hall, museum, or other civic building that is used primarily for staging any of the following:(I) Conventions, trade and consumer shows, or civic and community events.(II) Live theater, dance, or musical productions.(III) Artistic, historic, technological, or educational exhibits.(2) In determining the level of the exemption, the board of supervisors shall determine at what level of exemption the costs of assessing the property and collecting taxes, assessments, and subventions on the property exceeds the proceeds to be collected. The board of supervisors shall establish the exemption level uniformly for different classes of property. In making this determination, the board of supervisors may consider the total taxes, special assessments, and applicable subventions for the year of assessment only or for the year of assessment and succeeding years where cumulative revenues will not exceed the cost of assessments and collections.(3) In administering the exemption authorized by this section, the assessor may opt either to not enroll the property on the assessment roll or to enroll the property and apply the exemption.(c) This section does not apply to those real or personal properties enumerated in Section 52.(d) The exemption authorized by this section shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which the exemption is to apply and may, at the option of the board of supervisors, continue in effect for succeeding fiscal years. Any revision or rescission of the exemption shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which that revision or rescission is to apply.(e) Nothing in this section shall authorize a county board of supervisors to exempt new construction, unless the new total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, of the property, including this new construction, is ten thousand dollars ($10,000) or less.SECTION 1.Section 53839 of the Government Code is amended to read:53839.A special district shall not issue any securitized limited obligation notes after December 31, 2025, unless a later enacted statute that is enacted before December 31, 2025, deletes or extends that date.
Amended IN Assembly April 09, 2024 Amended IN Assembly March 21, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 3268Introduced by Assembly Member LowFebruary 16, 2024An act to amend Section 53839 of the Government Code, relating to local government. 155.20 of the Revenue and Taxation Code, relating to taxation.LEGISLATIVE COUNSEL'S DIGESTAB 3268, as amended, Low. Special districts: securitized limited obligation notes. Property taxation: low-value exemption: possessory interests in publicly owned streets and sidewalks.The California Constitution authorizes the Legislature, with the approval of 2/3 of the membership of each house, to allow a county board of supervisors to exempt from property taxation those properties having a value too low to justify the costs of assessment and collection. Existing property tax law implementing this authority generally limits any exemption granted under this constitutional provision by a county board of supervisors to real property with a total base year value, or personal property with a full value, not exceeding $10,000, or $50,000 in the case of certain possessory interests, as specified.This bill would authorize a county board of supervisors, for purposes of making an exemption as described above, to establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for the purpose of operating a parklet has a value too low to justify the costs of assessment and collection.Existing law authorizes a special district, as defined, to incur indebtedness in the form of securitized limited obligation notes, solely for the acquisition or improvement of land, facilities, or equipment, as provided. Existing law prohibits a special district from issuing securitized limited obligation notes after December 31, 2024.This bill would extend the authorization to issue securitized limited obligation notes under these provisions from December 31, 2024, to December 31, 2025, inclusive.Digest Key Vote: MAJORITY2/3 Appropriation: NO Fiscal Committee: NOYES Local Program: NO
Amended IN Assembly April 09, 2024 Amended IN Assembly March 21, 2024
Amended IN Assembly April 09, 2024
Amended IN Assembly March 21, 2024
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
Assembly Bill
No. 3268
Introduced by Assembly Member LowFebruary 16, 2024
Introduced by Assembly Member Low
February 16, 2024
An act to amend Section 53839 of the Government Code, relating to local government. 155.20 of the Revenue and Taxation Code, relating to taxation.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 3268, as amended, Low. Special districts: securitized limited obligation notes. Property taxation: low-value exemption: possessory interests in publicly owned streets and sidewalks.
The California Constitution authorizes the Legislature, with the approval of 2/3 of the membership of each house, to allow a county board of supervisors to exempt from property taxation those properties having a value too low to justify the costs of assessment and collection. Existing property tax law implementing this authority generally limits any exemption granted under this constitutional provision by a county board of supervisors to real property with a total base year value, or personal property with a full value, not exceeding $10,000, or $50,000 in the case of certain possessory interests, as specified.This bill would authorize a county board of supervisors, for purposes of making an exemption as described above, to establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for the purpose of operating a parklet has a value too low to justify the costs of assessment and collection.Existing law authorizes a special district, as defined, to incur indebtedness in the form of securitized limited obligation notes, solely for the acquisition or improvement of land, facilities, or equipment, as provided. Existing law prohibits a special district from issuing securitized limited obligation notes after December 31, 2024.This bill would extend the authorization to issue securitized limited obligation notes under these provisions from December 31, 2024, to December 31, 2025, inclusive.
The California Constitution authorizes the Legislature, with the approval of 2/3 of the membership of each house, to allow a county board of supervisors to exempt from property taxation those properties having a value too low to justify the costs of assessment and collection. Existing property tax law implementing this authority generally limits any exemption granted under this constitutional provision by a county board of supervisors to real property with a total base year value, or personal property with a full value, not exceeding $10,000, or $50,000 in the case of certain possessory interests, as specified.
This bill would authorize a county board of supervisors, for purposes of making an exemption as described above, to establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for the purpose of operating a parklet has a value too low to justify the costs of assessment and collection.
Existing law authorizes a special district, as defined, to incur indebtedness in the form of securitized limited obligation notes, solely for the acquisition or improvement of land, facilities, or equipment, as provided. Existing law prohibits a special district from issuing securitized limited obligation notes after December 31, 2024.
This bill would extend the authorization to issue securitized limited obligation notes under these provisions from December 31, 2024, to December 31, 2025, inclusive.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 155.20 of the Revenue and Taxation Code is amended to read:155.20. (a) (1) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(2) For purposes of making an exemption pursuant to paragraph (1), a county board of supervisors may establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for purposes of operating a parklet has a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(b) (1) (A) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than ten thousand dollars ($10,000), except as otherwise provided in subparagraph (B).(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:(i) For lien dates occurring on or after January 1, 2020, and before January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest.(ii) For lien dates occurring on or after January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest, for a temporary and transitory use, in a publicly owned fairground, fairground facility, convention facility, or cultural facility. For purposes of this paragraph, publicly owned convention or cultural facility means a publicly owned convention center, civic auditorium, theater, assembly hall, museum, or other civic building that is used primarily for staging any of the following:(I) Conventions, trade and consumer shows, or civic and community events.(II) Live theater, dance, or musical productions.(III) Artistic, historic, technological, or educational exhibits.(2) In determining the level of the exemption, the board of supervisors shall determine at what level of exemption the costs of assessing the property and collecting taxes, assessments, and subventions on the property exceeds the proceeds to be collected. The board of supervisors shall establish the exemption level uniformly for different classes of property. In making this determination, the board of supervisors may consider the total taxes, special assessments, and applicable subventions for the year of assessment only or for the year of assessment and succeeding years where cumulative revenues will not exceed the cost of assessments and collections.(3) In administering the exemption authorized by this section, the assessor may opt either to not enroll the property on the assessment roll or to enroll the property and apply the exemption.(c) This section does not apply to those real or personal properties enumerated in Section 52.(d) The exemption authorized by this section shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which the exemption is to apply and may, at the option of the board of supervisors, continue in effect for succeeding fiscal years. Any revision or rescission of the exemption shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which that revision or rescission is to apply.(e) Nothing in this section shall authorize a county board of supervisors to exempt new construction, unless the new total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, of the property, including this new construction, is ten thousand dollars ($10,000) or less.SECTION 1.Section 53839 of the Government Code is amended to read:53839.A special district shall not issue any securitized limited obligation notes after December 31, 2025, unless a later enacted statute that is enacted before December 31, 2025, deletes or extends that date.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 155.20 of the Revenue and Taxation Code is amended to read:155.20. (a) (1) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(2) For purposes of making an exemption pursuant to paragraph (1), a county board of supervisors may establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for purposes of operating a parklet has a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(b) (1) (A) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than ten thousand dollars ($10,000), except as otherwise provided in subparagraph (B).(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:(i) For lien dates occurring on or after January 1, 2020, and before January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest.(ii) For lien dates occurring on or after January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest, for a temporary and transitory use, in a publicly owned fairground, fairground facility, convention facility, or cultural facility. For purposes of this paragraph, publicly owned convention or cultural facility means a publicly owned convention center, civic auditorium, theater, assembly hall, museum, or other civic building that is used primarily for staging any of the following:(I) Conventions, trade and consumer shows, or civic and community events.(II) Live theater, dance, or musical productions.(III) Artistic, historic, technological, or educational exhibits.(2) In determining the level of the exemption, the board of supervisors shall determine at what level of exemption the costs of assessing the property and collecting taxes, assessments, and subventions on the property exceeds the proceeds to be collected. The board of supervisors shall establish the exemption level uniformly for different classes of property. In making this determination, the board of supervisors may consider the total taxes, special assessments, and applicable subventions for the year of assessment only or for the year of assessment and succeeding years where cumulative revenues will not exceed the cost of assessments and collections.(3) In administering the exemption authorized by this section, the assessor may opt either to not enroll the property on the assessment roll or to enroll the property and apply the exemption.(c) This section does not apply to those real or personal properties enumerated in Section 52.(d) The exemption authorized by this section shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which the exemption is to apply and may, at the option of the board of supervisors, continue in effect for succeeding fiscal years. Any revision or rescission of the exemption shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which that revision or rescission is to apply.(e) Nothing in this section shall authorize a county board of supervisors to exempt new construction, unless the new total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, of the property, including this new construction, is ten thousand dollars ($10,000) or less.
SECTION 1. Section 155.20 of the Revenue and Taxation Code is amended to read:
### SECTION 1.
155.20. (a) (1) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(2) For purposes of making an exemption pursuant to paragraph (1), a county board of supervisors may establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for purposes of operating a parklet has a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(b) (1) (A) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than ten thousand dollars ($10,000), except as otherwise provided in subparagraph (B).(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:(i) For lien dates occurring on or after January 1, 2020, and before January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest.(ii) For lien dates occurring on or after January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest, for a temporary and transitory use, in a publicly owned fairground, fairground facility, convention facility, or cultural facility. For purposes of this paragraph, publicly owned convention or cultural facility means a publicly owned convention center, civic auditorium, theater, assembly hall, museum, or other civic building that is used primarily for staging any of the following:(I) Conventions, trade and consumer shows, or civic and community events.(II) Live theater, dance, or musical productions.(III) Artistic, historic, technological, or educational exhibits.(2) In determining the level of the exemption, the board of supervisors shall determine at what level of exemption the costs of assessing the property and collecting taxes, assessments, and subventions on the property exceeds the proceeds to be collected. The board of supervisors shall establish the exemption level uniformly for different classes of property. In making this determination, the board of supervisors may consider the total taxes, special assessments, and applicable subventions for the year of assessment only or for the year of assessment and succeeding years where cumulative revenues will not exceed the cost of assessments and collections.(3) In administering the exemption authorized by this section, the assessor may opt either to not enroll the property on the assessment roll or to enroll the property and apply the exemption.(c) This section does not apply to those real or personal properties enumerated in Section 52.(d) The exemption authorized by this section shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which the exemption is to apply and may, at the option of the board of supervisors, continue in effect for succeeding fiscal years. Any revision or rescission of the exemption shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which that revision or rescission is to apply.(e) Nothing in this section shall authorize a county board of supervisors to exempt new construction, unless the new total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, of the property, including this new construction, is ten thousand dollars ($10,000) or less.
155.20. (a) (1) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(2) For purposes of making an exemption pursuant to paragraph (1), a county board of supervisors may establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for purposes of operating a parklet has a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(b) (1) (A) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than ten thousand dollars ($10,000), except as otherwise provided in subparagraph (B).(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:(i) For lien dates occurring on or after January 1, 2020, and before January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest.(ii) For lien dates occurring on or after January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest, for a temporary and transitory use, in a publicly owned fairground, fairground facility, convention facility, or cultural facility. For purposes of this paragraph, publicly owned convention or cultural facility means a publicly owned convention center, civic auditorium, theater, assembly hall, museum, or other civic building that is used primarily for staging any of the following:(I) Conventions, trade and consumer shows, or civic and community events.(II) Live theater, dance, or musical productions.(III) Artistic, historic, technological, or educational exhibits.(2) In determining the level of the exemption, the board of supervisors shall determine at what level of exemption the costs of assessing the property and collecting taxes, assessments, and subventions on the property exceeds the proceeds to be collected. The board of supervisors shall establish the exemption level uniformly for different classes of property. In making this determination, the board of supervisors may consider the total taxes, special assessments, and applicable subventions for the year of assessment only or for the year of assessment and succeeding years where cumulative revenues will not exceed the cost of assessments and collections.(3) In administering the exemption authorized by this section, the assessor may opt either to not enroll the property on the assessment roll or to enroll the property and apply the exemption.(c) This section does not apply to those real or personal properties enumerated in Section 52.(d) The exemption authorized by this section shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which the exemption is to apply and may, at the option of the board of supervisors, continue in effect for succeeding fiscal years. Any revision or rescission of the exemption shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which that revision or rescission is to apply.(e) Nothing in this section shall authorize a county board of supervisors to exempt new construction, unless the new total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, of the property, including this new construction, is ten thousand dollars ($10,000) or less.
155.20. (a) (1) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(2) For purposes of making an exemption pursuant to paragraph (1), a county board of supervisors may establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for purposes of operating a parklet has a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.(b) (1) (A) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than ten thousand dollars ($10,000), except as otherwise provided in subparagraph (B).(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:(i) For lien dates occurring on or after January 1, 2020, and before January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest.(ii) For lien dates occurring on or after January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest, for a temporary and transitory use, in a publicly owned fairground, fairground facility, convention facility, or cultural facility. For purposes of this paragraph, publicly owned convention or cultural facility means a publicly owned convention center, civic auditorium, theater, assembly hall, museum, or other civic building that is used primarily for staging any of the following:(I) Conventions, trade and consumer shows, or civic and community events.(II) Live theater, dance, or musical productions.(III) Artistic, historic, technological, or educational exhibits.(2) In determining the level of the exemption, the board of supervisors shall determine at what level of exemption the costs of assessing the property and collecting taxes, assessments, and subventions on the property exceeds the proceeds to be collected. The board of supervisors shall establish the exemption level uniformly for different classes of property. In making this determination, the board of supervisors may consider the total taxes, special assessments, and applicable subventions for the year of assessment only or for the year of assessment and succeeding years where cumulative revenues will not exceed the cost of assessments and collections.(3) In administering the exemption authorized by this section, the assessor may opt either to not enroll the property on the assessment roll or to enroll the property and apply the exemption.(c) This section does not apply to those real or personal properties enumerated in Section 52.(d) The exemption authorized by this section shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which the exemption is to apply and may, at the option of the board of supervisors, continue in effect for succeeding fiscal years. Any revision or rescission of the exemption shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which that revision or rescission is to apply.(e) Nothing in this section shall authorize a county board of supervisors to exempt new construction, unless the new total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, of the property, including this new construction, is ten thousand dollars ($10,000) or less.
155.20. (a) (1) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.
(2) For purposes of making an exemption pursuant to paragraph (1), a county board of supervisors may establish a rebuttable presumption that a possessory interest in a publicly owned street or sidewalk for purposes of operating a parklet has a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.
(b) (1) (A) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than ten thousand dollars ($10,000), except as otherwise provided in subparagraph (B).
(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:
(i) For lien dates occurring on or after January 1, 2020, and before January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest.
(ii) For lien dates occurring on or after January 1, 2025, the limitation is increased to fifty thousand dollars ($50,000) in the case of a possessory interest, for a temporary and transitory use, in a publicly owned fairground, fairground facility, convention facility, or cultural facility. For purposes of this paragraph, publicly owned convention or cultural facility means a publicly owned convention center, civic auditorium, theater, assembly hall, museum, or other civic building that is used primarily for staging any of the following:
(I) Conventions, trade and consumer shows, or civic and community events.
(II) Live theater, dance, or musical productions.
(III) Artistic, historic, technological, or educational exhibits.
(2) In determining the level of the exemption, the board of supervisors shall determine at what level of exemption the costs of assessing the property and collecting taxes, assessments, and subventions on the property exceeds the proceeds to be collected. The board of supervisors shall establish the exemption level uniformly for different classes of property. In making this determination, the board of supervisors may consider the total taxes, special assessments, and applicable subventions for the year of assessment only or for the year of assessment and succeeding years where cumulative revenues will not exceed the cost of assessments and collections.
(3) In administering the exemption authorized by this section, the assessor may opt either to not enroll the property on the assessment roll or to enroll the property and apply the exemption.
(c) This section does not apply to those real or personal properties enumerated in Section 52.
(d) The exemption authorized by this section shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which the exemption is to apply and may, at the option of the board of supervisors, continue in effect for succeeding fiscal years. Any revision or rescission of the exemption shall be adopted by the board of supervisors on or before the lien date for the fiscal year to which that revision or rescission is to apply.
(e) Nothing in this section shall authorize a county board of supervisors to exempt new construction, unless the new total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, of the property, including this new construction, is ten thousand dollars ($10,000) or less.
A special district shall not issue any securitized limited obligation notes after December 31, 2025, unless a later enacted statute that is enacted before December 31, 2025, deletes or extends that date.