(Sacramento) –Assemblyman Guy Houston (R-San Ramon) announced that his legislation making owning a home in California more affordable for the state´s thousands of disabled veterans was heard today in the Assembly Revenue and Taxation Committee. Assembly Bill 2568 will increase the existing property tax exemption for disabled veterans and their unmarried surviving spouses to 100% of the value of their primary residence.
Bill Klug, resident of Brentwood and Retired National Guard 2nd Lieutenant testified on the bill in the Assembly Revenue and Taxation Committee.
"There are thousands of veterans that qualify for the disabled veteran´s exemption," said Bill Klug. "Our disabled veterans not only deserve our utmost respect, they also deserve to own a home in California. Many veterans can´t afford a home in the state and are leaving."
Current law allows for veterans who are blind in both eyes, have lost the use of two or more limbs or are completely disabled due to a service connected injury to receive a property tax exemption. The current exemption applies to the first $100,000 on the value of their home and increases to $150,000 if the veteran´s income is less then $40,000 as adjusted by inflation.
"The cost of owning a home in California is prohibitively high for thousands of disabled vets whose disabilities from serving our country limit their career choices," said Assemblyman Houston. "Even though this is a tough budget year, I believe it is important to help make purchasing a home much more affordable for these veterans."
AB 2568 was presented in the Assembly Revenue and Taxation Committee, but has been held on the suspense file and will not be voted on until May 12th.
"The median home price in the Bay Area is $550,000," said Houston. "Our area´s disabled veterans deserve more property tax relief than for a fifth of the average home value."
Bill Klug, resident of Brentwood and Retired National Guard 2nd Lieutenant testified on the bill in the Assembly Revenue and Taxation Committee.
"There are thousands of veterans that qualify for the disabled veteran´s exemption," said Bill Klug. "Our disabled veterans not only deserve our utmost respect, they also deserve to own a home in California. Many veterans can´t afford a home in the state and are leaving."
Current law allows for veterans who are blind in both eyes, have lost the use of two or more limbs or are completely disabled due to a service connected injury to receive a property tax exemption. The current exemption applies to the first $100,000 on the value of their home and increases to $150,000 if the veteran´s income is less then $40,000 as adjusted by inflation.
"The cost of owning a home in California is prohibitively high for thousands of disabled vets whose disabilities from serving our country limit their career choices," said Assemblyman Houston. "Even though this is a tough budget year, I believe it is important to help make purchasing a home much more affordable for these veterans."
AB 2568 was presented in the Assembly Revenue and Taxation Committee, but has been held on the suspense file and will not be voted on until May 12th.
"The median home price in the Bay Area is $550,000," said Houston. "Our area´s disabled veterans deserve more property tax relief than for a fifth of the average home value."
