California Veterans to Get Property Tax Relief Under Proposed Bill
Summary
California lawmakers are considering a bill that would increase property tax breaks for disabled veterans with severe service-related disabilities. The bill offers veterans exemptions on a portion of their home's taxable value, with larger benefits for those with lower incomes, to help reduce housing costs.Key Facts
- Senate Bill 296 aims to expand property tax relief for disabled veterans in California.
- Veterans with severe service-connected disabilities could get an exemption on 50% of the first $1 million of their home's taxable value.
- Veterans with household income below $83,474 could get a 100% exemption on the first $1 million.
- Both the income limit and $1 million exemption cap would be adjusted yearly for inflation.
- Current property tax exemptions for disabled veterans are much smaller, shielding less than $280,000 of home value for low-income households.
- The bill passed the California Assembly 78-0 and the Senate previously 38-0; it now awaits approval from the Senate for amendments before going to Governor Newsom.
- SB 296 is designed to help reduce veteran homelessness by lowering housing costs for severely disabled veterans.
- The bill would reduce local government property tax revenues, and California would not reimburse those losses.
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