CA SB562

Increases the disabled veterans' property tax exemption from $100,000 to $200,000 for the 2020-21 through 2029-30 fiscal years, then returns to $100,000 for 2030-31 and beyond.

Increases the income-based exemption from $150,000 to $250,000 for veterans with household income not exceeding $65,000 (up from $40,000) during the 2020-21 through 2029-30 fiscal years.

Extends the same increased exemption amounts to unmarried surviving spouses of disabled or service-connected deceased veterans during the 2020-21 through 2029-30 fiscal years.

Requires county assessors to report to the State Board of Equalization on the expanded exemption usage, with the board consolidating data into annual legislative reports.

Provides that the state shall not reimburse local agencies for property tax revenues lost due to the exemption expansion and takes effect immediately as a tax levy.