This bill amends the property tax exemption for disabled veterans, their surviving spouses, and minor dependent children by redefining the term "homestead." Specifically, it increases the allowable contiguous real property from forty (40) acres to eighty (80) acres, provided that the property is not used for commercial purposes. This change aims to enhance the benefits available to these individuals 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 provisions, stating that the changes will apply to assessment years beginning on or after January 1, 2025. This timeline allows for a transition period before the new definitions and exemptions take effect.

Statutes affected:
HB 1129: 26-3-306(a)