SB 566: Real property tax: Personal Income Tax Law: homeowners’ exemption: renter’s credit.

This bill aims to increase the homeowners' exemption from property taxes from $7,000 to $50,000 for certain homeowners. It also increases the credit for qualified renters from $120 to $550 for spouses filing joint returns and from $60 to $275 for other individuals. The bill requires specific goals, performance indicators, and data collection for any new tax expenditure. Additionally, it provides reimbursement for costs mandated by the state to local agencies and school districts. However, the state will not reimburse local agencies for property tax revenues lost as a result of the bill. The bill takes effect immediately as a tax levy.