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 the exemption. The findings and any legislative recommendations must be reported to the relevant committees of the General Assembly by February 1, 2026.

The bill will take effect on July 1, 2025, and it incurs 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 municipal impacts or ongoing state costs beyond this initial expenditure. The bill reflects a commitment to assess and potentially enhance financial support for veterans through property tax exemptions.