CA SB623

Allows veterans and disabled veterans to receive both the $7,000 homeowners' property tax exemption and the veterans' exemption ($4,000) or disabled veterans' exemption ($100,000-$150,000) on their principal residence, which is currently prohibited

Contingent on voter approval of an accompanying Senate Constitutional Amendment at the November 3, 2026 statewide general election, with changes taking effect January 1, 2027

Directs the Secretary of State to place the constitutional amendment on the November 2026 ballot, bypassing certain standard election code requirements

Provides that the state will not reimburse local agencies for property tax revenues lost due to these expanded exemptions

Takes effect immediately as a tax levy upon passage