Senate Bill No. 1091 mandates the Secretary of the Office of Policy and Management to conduct a study on the projected financial impacts of potential modifications to the basic property tax exemption for veterans and certain military-related individuals. Specifically, the study will evaluate the effects of increasing the allowable exemption amount for property held by these individuals and the implications of imposing a limit on the amount of property that qualifies for such exemptions. The findings and any legislative recommendations must be reported to relevant committees by February 1, 2026.

The bill is set to take effect on July 1, 2025, and entails a one-time cost of $75,000 in fiscal year 2026 for the Office of Policy and Management to hire a consultant for the study. There are no anticipated ongoing costs or municipal impacts associated with this legislation. The bill has received favorable support from the Veterans’ and Military Affairs Committee, passing with a unanimous vote.