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 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 for tax exemption purposes.

Additionally, the bill establishes an effective date for the new definition, stating that it will apply to assessment years beginning on or after January 1, 2025. This ensures that the changes will be implemented in a timely manner, allowing eligible individuals to benefit from the expanded property tax exemption in the near future.

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