Bill
SF 772
Overview: SF 772 - Veterans with disability market value exclusion increase provisionStatus: Referred to TaxesIntroduced: January 30, 2025Purpose and Intent: This bill aims to incr
Overview: SF 772 - Veterans with disability market value exclusion increase provision
Status: Referred to Taxes
Introduced: January 30, 2025
Purpose and Intent: This bill aims to increase the market value exclusion for property tax purposes for veterans with disabilities. The goal is to provide additional tax relief and support for this group of veterans.
Key Provisions:
- Increases the maximum market value exclusion for property tax purposes for veterans with disabilities from $150,000 to $200,000.
- Applies the increased exclusion to both homesteads and other real property owned by eligible veterans with disabilities.
- Maintains the existing eligibility criteria for the market value exclusion, which includes having a service-connected disability of at least 70% and meeting certain residency requirements.
Affected Parties and Impacts:
- Veterans with disabilities who own property and meet the eligibility criteria for the market value exclusion.
- The increased exclusion could result in lower property tax bills for eligible veterans, providing them with additional financial support.
- The change may also impact local government revenue, as the increased exclusion could lead to reduced property tax collections.
Procedural and Timeline Considerations:
- The bill has been referred to the Taxes committee for further consideration and potential amendments.
- The next steps would involve the committee's review, potential public hearings, and a vote on whether to recommend the bill for passage by the full legislative body.
Compiled from official sources — confirm details with the bill’s official record.
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