SB 592: Property tax: change in ownership: residential rental property.

This bill would exempt certain transfers of residential rental properties from reassessment, allowing tenants to purchase the property they rent from without triggering a change in ownership. The exemption applies to transfers to a nonprofit public benefit corporation, mutual benefit corporation, or limited equity housing cooperative, where tenants own at least 51% of the voting shares or membership interests. Additionally, transfers to a community land trust are also exempt if at least 51% of tenants have signed a petition in support of the purchase. The bill would require local tax officials to determine whether a change in ownership has occurred, imposing a state-mandated local program. The bill would make findings regarding the need to limit access to public meetings and writings, but would not provide reimbursement for costs mandated by the state.