Existing property tax law requires that all property subject to tax be assessed at its full cash value, and includes certain possessory interests among those property interests that are subject to tax. Existing property tax law defines a taxable possessory interest to be a use that is independent, durable, and exclusive. Existing property tax law specifies that, for purposes of the definition of a taxable possessory interest, there is no independent possession or use of land or improvements if that possession or use is a tenancy in a residential unit of a publicly owned housing project by a low-income household, as specified.
This bill would make a nonsubstantive change to the provision relating to publicly owned housing projects.