Bill > SB723

This bill amends California's property tax law to modify exemptions for low-value properties by reducing the maximum property value exemption from $50,000 to $25,000 for lien dates occurring between January 1, 2026, and January 1, 2036. The bill allows county boards of supervisors to exempt properties with a base year value or full value below $25,000 from property taxation if the cost of assessing and collecting taxes would exceed the potential revenue. The legislation includes specific requirements for implementation, such as establishing uniform exemption levels across different property classes and mandating that the State Board of Equalization collect and report data on the exemption's impact. Importantly, the bill specifies that the state will not reimburse local agencies for lost property tax revenues resulting from this exemption. The bill's stated goal is to provide individuals relief from increased tax burdens due to rising costs, and it requires the State Board of Equalization to track the number and types of taxpayers benefiting from the expanded exemption. This bill takes effect immediately as a tax levy, as authorized by the California Constitution, and requires approval by two-thirds of the membership in each legislative house.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB723