SB 1415: Real property tax: welfare exemption: moderate-income housing.

This bill aims to provide a partial welfare exemption for certain residential rental property used for low- and moderate-income households. It would allow a partial exemption equal to the percentage of units serving low- and moderate-income households compared to the total number of residential units. To qualify, owners must make specified certifications about the property's use. The bill expands local tax officials' duties and increases penalties for perjury. The provisions of the bill are severable, allowing for individual parts to take effect without the others. The state will not reimburse local agencies for lost property tax revenues as a result of this bill.