CA SB587

Eliminates the annual inflation factor adjustment (capped at 2%) for property tax assessments on the principal residence of qualified senior taxpayers beginning January 1, 2017.

Defines "qualified taxpayer" as a person age 65 or older who owns a dwelling or manufactured home as their principal residence and has annual household income of $25,000 or less (single) or $50,000 or less (married).

Requires qualified taxpayers to complete an affidavit and provide proof of eligibility to the assessor to claim the inflation factor exemption.

Exempts the state from reimbursing local agencies for property tax revenue losses resulting from this bill, despite creating a state-mandated local program.