CA SB404

Exempts qualified veterans age 65 or older from annual property value inflation adjustments on their principal residence, including manufactured homes, for assessment years beginning January 1, 2018, if honorably discharged and meeting income requirements (single: under $50,000; married: under $100,000 annually).

Expands disabled veteran property tax exemption to cover the full value of a qualified veteran's or surviving spouse's principal residence, effective with the 2018-19 fiscal year lien date, eliminating the previous $100,000 or $150,000 value limitation.

Qualifies disabled veterans as those blind in both eyes, having lost use of two or more limbs, or rated 100 percent disabled by the U.S. Department of Veterans Affairs due to service-connected injury or disease.

Prohibits state reimbursement to local agencies for property tax revenue losses resulting from the bill's exemptions and adjustments.

Takes effect immediately as a tax levy.