(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.
(c) Any surplus residential property purchased at the condition-adjusted price of the fair market value price pursuant to this article shall be assessed at its condition-adjusted price of the fair market value for property tax purposes.
The use of a subordinate loan pursuant to paragraph (2) of subdivision (b) of Section 54237 does not reduce the condition-adjusted price of the fair market value for purposes of this subdivision.
(d) This section shall only apply to surplus residential properties for State Route 710, in the County of Los Angeles.
(Amended by Stats. 2026, Ch. 937, Sec. 7. (AB 2329) Effective September 30, 2026.)