AN ACT ALLOWING MUNICIPALITIES TO INCREASE THE DOLLAR AMOUNTS OF THE PROPERTY TAX EXEMPTIONS FOR VETERANS.

2025 Regular Session Introduced by Mike Demicco and 1 co-sponsor

Gives towns the power to raise the dollar value of veterans' property tax exemptions, potentially easing tax bills for veterans while shifting local revenue.

REF. TO JOINT COMM. ON Veterans' and Military Affairs

#propertytaxexemptionsforveterans

Overview

Bill Number: HB 5769

Title: AN ACT ALLOWING MUNICIPALITIES TO INCREASE THE DOLLAR AMOUNTS OF THE PROPERTY TAX EXEMPTIONS FOR VETERANS

Purpose (as indicated by title): To authorize municipalities to increase the dollar amount of property tax exemptions available to veterans.

Status: Ref. to Joint Committee on Veterans' and Military Affairs

Introduced: January 21, 2025

Subject: Property tax exemptions for veterans

What changes the bill would make

The bill would authorize municipalities to increase the dollar value of veterans’ property tax exemptions. In other words, local governments would be empowered to set higher exemption amounts above current statewide or local caps, depending on how the bill is drafted.

Specific parameters (e.g., eligible exemption amounts, categories of veterans, property types covered, eligibility criteria, phase-ins, sunset provisions, or caps) are not provided in the information available. The exact mechanics, such as how the increased exemptions would be implemented (ordinance vs. statute, timing, indexing to inflation, or eligibility rules), will be determined by the text of the bill and any accompanying fiscal notes or committee amendments.

Who would be affected

Veterans who currently qualify for property tax exemptions would potentially benefit from higher exemption amounts.

Local governments and assessors:

Municipalities could experience changes to property tax revenue from exempted values.
Tax assessors would need to administer and verify exemption increases per local regulations.

Other property taxpayers in municipalities that adopt higher exemptions could see shifts in tax burden or funding for local services, depending on how exemptions are funded and implemented.

Procedural and timeline aspects

The bill has been referred to the Joint Committee on Veterans' and Military Affairs, signaling initial committee review and potential hearings.

There is no listed date for further actions in the provided information; typical next steps would include committee consideration, potential amendments, and floor votes in the respective legislative chamber, followed by the other chamber.

Key considerations and questions to monitor

What are the exact provisions for eligibility and which veterans qualify (e.g., service requirements, disability status, surviving spouses)?

Are there caps, dollar limits, or inflation indexing on the increased exemptions?

How will increased exemptions impact municipal budgets and state aid, if any?

What is the effective date, and is there a sunset or renewal requirement?

Are localities required to adopt a local ordinance or resolution to implement the higher exemption amounts?

Note: This summary reflects information available from the bill’s title and status. The full bill text will contain definitive provisions, definitions, and procedural requirements.

Bill