This bill amends the property tax exemption laws for disabled veterans, their surviving spouses, and minor dependent children by allowing property owned by a trust or a limited liability company to qualify as a homestead under certain conditions. Specifically, it redefines "homestead" to include not only the dwelling occupied by the disabled veteran and up to 40 acres of contiguous property but also properties owned by revocable or irrevocable trusts formed by the veteran or their beneficiaries, as well as limited liability companies where the veteran is the sole member.

Additionally, the bill introduces a requirement for disabled veterans claiming the exemption for properties owned by trusts or limited liability companies to provide specific documentation to the county collector, including a notarized copy of the irrevocable trust or proof of eligibility. The amendments will take effect for assessment years beginning on or after January 1, 2026.

Statutes affected:
Old version HB1809 Original - 3-17-2025 01:23 PM: 26-3-306(a), 26-3-306(b)
Old version HB1809 V2 - 4-2-2025 09:59 AM: 26-3-306(a), 26-3-306(b)
HB 1809: 26-3-306(a), 26-3-306(b)