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 Bill Text - SB-723 Property taxation: exemption: low-value properties.

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 |Add To My Favorites |Track Bill | Version: 07/01/25 - Amended Assembly
 05/07/25 - Amended Senate
 02/21/25 - Introduced

 SB-723 Property taxation: exemption: low-value properties.(2025-2026)

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 Date Published: 07/01/2025 09:00 PM

SB723:v97#DOCUMENTBill Start

 Amended
 IN 
 Assembly
 July 01, 2025

 Amended
 IN 
 Senate
 May 07, 2025

 CALIFORNIA LEGISLATURE—
 2025–2026 REGULAR SESSION

 Senate Bill

No. 723

Introduced by Senator Choi
(Coauthor: Assembly Member Patterson)

February 21, 2025

 An act to amend Section 155.20 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. 

LEGISLATIVE COUNSEL'S DIGEST

SB 723, as amended, Choi.
 Property taxation: exemption: low-value properties.

The California Constitution authorizes the Legislature, with the approval of 2/3 of the membership of each legislative house, to allow a county board of supervisors to exempt from property taxation those properties having a full value too low to justify the costs of assessment and collection. Existing property tax law implementing this authority generally limits any exemption granted under this constitutional provision by a county board of supervisors to real property with a total base year value, as adjusted annually for inflation as provided, or personal property with a full value, not exceeding $10,000. Existing property tax law also limits any exemption for new construction to situations where the new total base year value of the property, as adjusted for inflation, including the new
 construction, is $10,000 or less.

This bill would raise these maximum exemption amounts from $10,000 to $25,000 $20,000 for lien dates occurring on or after January 1, 2026, and before January 1, 2036, 2031.

Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax exemption will achieve, detailed performance indicators, and data collection requirements.

This bill would make specified findings detailing the goal,
 purpose, and objective of the above-described expansion of a tax exemption, performance indicators for determining whether the expanded exemption meets that goal, purpose, and objective, and data collection requirements.

Existing law requires the state to reimburse local agencies annually for certain property tax revenues lost as a result of any exemption or classification of property for purposes of ad valorem property taxation.

This bill would provide that, notwithstanding those provisions, no appropriation is made and the state shall not reimburse local agencies for property tax revenues lost by them pursuant to the bill.

This bill would take effect immediately as a tax levy.

Digest Key

 Vote:
 2/3 
 Appropriation:
 NO 
 Fiscal Committee:
 YES 
 Local Program:
 NO 

Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 155.20 of the Revenue and Taxation Code is amended to read:

155.20.

 (a) Subject to the limitations listed in subdivisions (b), (c), (d), and (e), a county board of supervisors may exempt from property tax all real property with a base year value (as determined pursuant to Chapter 1 (commencing with Section 50) of Part 0.5) as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, and personal property with a full value so low that, if not exempt, the total taxes, special assessments, and applicable subventions on the property would amount to less than the cost of assessing and collecting them.

(b) (1) (A) For lien dates occurring on or after January 1, 2026, and before January 1, 2036, the (i) The board of supervisors shall have no authority to exempt property with a total base year value, as adjusted by an annual inflation factor pursuant to subdivision (f) of Section 110.1, or full value of more than twenty-five ten thousand dollars ($25,000) ($10,000), except as otherwise provided in clause (ii) or subparagraph (B).

(ii) For lien dates occurring on or after January 1, 2026, and before January 1, 2031, the limitation specified in clause (i) is increased to twenty thousand dollars ($20,000).

(B) The limitation specified in subparagraph (A) on the amount of the exemption authorized by this section shall be increased as follows:

(i) For lien dates occurri