AB 613: Property taxation: assessment: affordable commercial property.

This bill aims to amend the property taxation laws in California to consider certain renewable leases between commercial community ownership entities and nonprofits when valuing real property for taxation purposes. The bill would expand the duties of local tax officials and impose a state-mandated local program. The bill requires specific goals, purposes, and objectives, as well as detailed performance indicators and data collection requirements. The state would be responsible for reimbursing local agencies for certain costs mandated by the state, but not for property tax revenues lost due to the bill. The bill would take effect immediately as a tax levy.