Bill > SB296

This bill establishes a temporary property tax exemption in California for primary residences owned by severely injured or 100% disabled veterans, or their unmarried surviving spouses, taking effect for property tax lien dates between January 1, 2027, and January 1, 2032. Specifically, the legislation exempts 50% of the value of a qualifying home up to $1,000,000 for eligible veterans and surviving spouses, but increases this tax relief to a full 100% exemption on homes valued up to $1,000,000 for those whose household income does not exceed a specified threshold of $83,474. To qualify for these new relief measures—which replace existing property tax exemptions under Section 205.5 of the Revenue and Taxation Code unless the standard exemption provides a higher benefit—claimants must submit official documentation from the United States Department of Veterans Affairs (VA) or their former military branch to their county assessor to prove the veteran's 100% disability rating or service-connected death. Furthermore, the bill outlines statutory goals aimed at reducing veteran homelessness, mandates annual reporting by the State Board of Equalization to measure the program's effectiveness, and specifies that local governments will not be reimbursed by the state for the resulting property tax revenue losses.