SB 723: Property taxation: exemption: low-value properties.

This bill amends the property taxation law to allow counties to exempt properties with a low value from property taxation. Currently, properties with a full value of up to $10,000 can be exempt. The bill would raise this limit to $20,000 for properties with lien dates between 2026 and 2031. The bill requires counties to make specific findings about the goal, purpose, and objective of the expanded exemption, as well as performance indicators to measure its effectiveness. The state would not reimburse local agencies for lost property tax revenues under this bill. The bill takes effect immediately as a tax levy, allowing counties to implement the expanded exemption without waiting for state approval.