California SB723 amends property tax exemption limits for low-value properties.

California SB723 amends the Revenue and Taxation Code to increase the maximum exemption limits for low-value properties. The bill raises the exemption limit from $10,000 to $25,000 for certain properties and from $10,000 to $20,000 for others, effective from January 1, 2026, to January 1, 2031. The bill also specifies that the exemption does not apply to new construction unless the total base year value, adjusted for inflation, is $10,000 or less.

California SB723 amends property tax exemption limits for low-value properties.

California SB723 amends the Revenue and Taxation Code to increase the maximum exemption limits for low-value properties. The bill raises the exemption limit from $10,000 to $25,000 for certain properties and from $10,000 to $20,000 for others, effective from January 1, 2026, to January 1, 2031. The bill also specifies that the exemption does not apply to new construction unless the total base year value, adjusted for inflation, is $10,000 or less.