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 as a principal residence but also contiguous real property, provided it is not used for commercial purposes. The bill specifies that the property can be owned by a revocable trust formed by the disabled veteran, an irrevocable trust where the veteran is a beneficiary, or a limited liability company with the veteran or their spouse as sole members.

Additionally, the bill introduces new requirements for disabled veterans seeking to claim the exemption for property held in an irrevocable trust or a limited liability company. They must provide a signed, notarized copy of the trust or proof of eligibility as specified in existing law. The amendments will take effect for assessment years beginning on or after January 1, 2026.

Statutes affected:
Old version HB1809 V2 - 4-2-2025 09:59 AM: 26-3-306(a), 26-3-306(b)
Old version HB1809 Original - 3-17-2025 01:23 PM: 26-3-306(a), 26-3-306(b)
HB 1809: 26-3-306(a), 26-3-306(b)
Act 880: 26-3-306(a), 26-3-306(b)