(a) Findings and Intent.
(1) California Revenue and Taxation Code Section 155.20 permits County Boards of Supervisors to exempt from property tax property with a total full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them, within the limitations provided by Section 155.20. In enacting this Section 10.2-8, the Board of Supervisors intends to exercise the authority granted to it pursuant to the aforementioned Section 155.20, as amended from time to time, to the extent of exempting personal property on the unsecured roll with a total full value of $4,000 or less, exempting real property on the secured or unsecured roll with a total full value of $500 or less, and exempting possessory interests on the secured or unsecured roll with a total full value of $4,000 or less.
(2) The Board of Supervisors has determined that the costs of assessing and collecting the taxes, assessments, and subventions on personal property on the unsecured roll with a total full value of $4,000 or less, on real property on the secured or unsecured roll with a total full value of $500 or less, and on possessory interests on the secured or unsecured roll with a total full value of $4,000 or less, exceeds the proceeds to be collected.
(b) Exemption.
(1) Beginning with the 1998-99 assessment year, all personal property, as defined in California Revenue and Taxation Code Section 106, as amended from time to time, with a total full cash value of $4,000 or less, shall be exempt from property taxation and shall not be entered on the unsecured property tax roll, as provided in California Revenue and Taxation Code Section 155.20, as amended from time to time. This exemption shall apply only when the aggregate value of all personal property owned, possessed, or controlled by any one owner or taxpayer does not exceed $4,000 on any given lien date.
(2) Beginning with the 2023-2024 assessment year, all real property, as defined in California Revenue and Taxation Code Section 104, as amended from time to time, with a total full cash value of $500 or less, shall be exempt from property taxation and shall not be entered on the secured or unsecured property tax roll, as provided in California Revenue and Taxation Code Section 155.20, as amended from time to time.
(3) Beginning with the 2023-2024 assessment year, all possessory interests, as defined in California Revenue and Taxation Code Section 107, as amended from time to time, with a total full cash value of $4,000 or less, shall be exempt from property taxation and shall not be entered on the secured or unsecured property tax roll, as provided in California Revenue and Taxation Code Section 155.20, as amended from time to time.
(4) Notwithstanding subsections (1), (2), and (3) of this Section 10.2-8, beginning with the 2024-2025 assessment year, the Assessor may opt either to not enroll the property exempt under this Section on the assessment roll or to enroll such property and apply the exemption, as provided in California Revenue and Taxation Code Section 155.20, as amended from time to time.
(c) Severability. If any subsection, sentence, clause, phrase, or word of this Section 10.2-8, or any application thereof to any person or circumstance, is held to be invalid or unconstitutional by a decision of a court of competent jurisdiction, such decision shall not affect the validity of the remaining portions or applications of this Section. The Board of Supervisors hereby declares that it would have passed this Section and each and every subsection, sentence, clause, phrase, and word not declared invalid or unconstitutional without regard to whether any other portion of this Section or application thereof would be subsequently declared invalid or unconstitutional.