California Governor Signs Law Relating to Property Tax Exemption for Low-Value Properties

The California Governor July 12 signed a law raising the value limit under which the county board of supervisors may exempt any possessory interest from property tax. The law includes measures: 1) authorizing the county board of supervisors to reevaluate and potentially increase its low value exemption ordinance up to $50,000 for all possessory interests; 2) applying the authority for lien dates commencing on or after Jan. 1, 2020, and before Jan. 1, 2025; 3) permitting the county assessor when administering the exemption to either not enroll the property on the assessment roll or enroll the property and apply the ...