The bill amends the property tax exemption provisions for disabled veterans, their surviving spouses, and minor dependent children by defining "homestead" specifically for these exemptions. The new definition includes the dwelling that the eligible individuals occupy as their principal residence and allows for up to forty acres of contiguous real property, provided it is not used for commercial purposes. Additionally, the bill clarifies that personal property eligible for exemption consists only of tangible items used for non-commercial purposes.

Furthermore, the bill establishes an effective date for these changes, stating that the new provisions will apply to assessment years beginning on or after January 1, 2023. This legislative update aims to provide clearer guidelines and enhance the property tax benefits available to disabled veterans and their families.

Statutes affected:
Old version HB1143 Original - 1-17-2023 12:49 PM: 26-3-306(a)
Old version HB1143 V2 - 1-25-2023 09:07 AM: 26-3-306(a)
Old version HB1143 V3 - 2-21-2023 09:29 AM: 26-3-306(a)
Old version HB1143 V4 - 2-28-2023 10:31 AM: 26-3-306(a)
HB 1143: 26-3-306(a)
Act 395: 26-3-306(a)