SB 888: Property taxation: disabled veterans’ exemption: household income.

This bill aims to amend the tax law to provide a disabled veterans' exemption. The exemption will exclude part of the full value of a veteran's residence from taxation, but the bill would make two key changes. Firstly, it would exclude service-connected disability payments from the definition of household income for purposes of the exemption. This change will allow disabled veterans to keep more of their disability payments. Secondly, the bill would correct an error in the current exemption law. The exemption currently only applies if the household income of the claimant does not exceed a certain amount, but the bill would remove this limitation. This change will benefit disabled veterans who are low-income. The bill also requires the state to reimburse local agencies for costs mandated by the state, but it would not reimburse for property tax revenues lost by local agencies due to this…