CA AB1556

Increases the disabled veterans' property tax exemption from $100,000 (or $150,000 for households with income under $40,000) to $2,100,000, adjusted annually for inflation, effective with the 2017-18 tax lien date.

Defines "blind in both eyes" as a blind person under Welfare and Institutions Code Section 19153 and expands "totally disabled" to include veterans unable to move without an assistive device.

Applies the increased exemption to veterans and their unmarried surviving spouses who are blind, have lost use of two or more limbs, or are totally disabled due to service-connected injury or disease.

Automatically repeals the $2,100,000 exemption provisions on January 1, 2020, or earlier if the Commission on State Mandates determines the law imposes reimbursable state-mandated costs.

Specifies that the state shall not reimburse local agencies for property tax revenues lost under this act, unless the Commission on State Mandates determines otherwise, in which case reimbursement follows standard state mandate procedures.