(a) Any surplus residential property purchased at an affordable price pursuant to this article shall be assessed at its affordable price for property tax purposes.

(b) Any surplus residential property purchased at a reasonable price pursuant to this article shall be assessed at its reasonable price for property tax purposes.

Terms Used In California Government Code 54238.8

  • affordable price: means , in the case of a purchaser, other than a lower income household, the price for residential property for which the purchaser's monthly payments will not exceed that portion of the purchasing household's adjusted income as determined in accordance with the regulations of the United States Department of Housing and Urban Development, issued pursuant to Section 235 of the National Housing Act. See California Government Code 54236
  • County: includes city and county. See California Government Code 19
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
  • surplus residential property: means land and structures owned by any agency of the state that is determined to be no longer necessary for the agency's use, and that is developed as single-family or multifamily housing, except property being held by the agency for the purpose of exchange. See California Government Code 54236

(c) This section shall only apply to surplus residential properties for State Route 710, in the County of Los Angeles.

(Added by Stats. 2017, Ch. 20, Sec. 4. (AB 115) Effective June 27, 2017.)

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