CA SB1126

Eliminates the annual inflation factor adjustment (capped at 2%) for calculating property tax increases on the principal residence of senior citizens aged 65 and older, effective for assessment years beginning January 1, 2017.

Defines "qualified taxpayer" as a senior citizen owner of a dwelling or manufactured home as principal residence with annual household income of $25,000 or less (single) or $50,000 or less (married).

Requires qualified taxpayers to complete an affidavit provided by the assessor and submit proof of income and other required information to claim the property tax benefit.

Prohibits state reimbursement to local agencies for property tax revenues lost under this bill, despite creating a state-mandated local program.

Takes effect immediately upon passage as a tax levy.