SB 296: Property taxation-exemption for disabled veteran homeowners

SB 296 was recently enacted and this is a positive for our deserving veterans.

Here is how it works: 50% of that part of the full value of the property (that does NOT exceed $1,000,000) and that is owned by, and IS the principal residence for the veteran, the veteran's spouse (or jointly), and that the veteran is 100% disabled. The bill would also allow an unmarried surviving spouse a property exemption in the same amount that they would have been entitled to if the veteran were alive and if certain conditions are met. 

Now, in the case where a disabled veteran or unmarried surivving spouse whose household incomes DOES NOT exceed a specific amount for the assessment year, the bill would exempt 100% of the property that does not exceed $1,000,000 from taxation.

I know what you're probably thinking, "but aren't most homes $1,000,000 or more?"...There are many many homes that are valued over $1,000,000 and I wish this bill covered higher valued homes. Personally, I think this is a step in the right direction and would help alleviate some of the financial burden for many veterans, their spouses and their families. 

If you would like to learn more about SB296, you can go to these sites:

 (SB 296: Property taxation: exemption: disabled veteran homeowners. | Digital Democracy)

California SB 296: Property taxation: exemption: disabled