This bill amends the property tax exemption for disabled veterans, their surviving spouses, and minor dependent children by redefining the term "homestead." Specifically, it changes the maximum allowable contiguous real property from forty (40) acres to one hundred sixty (160) acres, provided that the property is not used for commercial purposes. This adjustment aims to better accommodate the needs of disabled veterans and their families by allowing them to claim a larger area of land as part of their homestead exemption.

Additionally, the bill establishes an effective date for the new definition, stating that the changes will apply to assessment years beginning on or after January 1, 2025. This ensures that the revised homestead definition will be implemented in a timely manner, providing immediate benefits to eligible individuals.

Statutes affected:
Old version HB1129 Original - 1-15-2025 09:23 AM: 26-3-306(a)
Old version HB1129 V2 - 2-27-2025 10:28 AM: 26-3-306(a)
HB 1129: 26-3-306(a)
Act 407: 26-3-306(a)