The bill amends the General Property Tax Act to provide tax exemptions for real property used and owned as a homestead by disabled veterans and their surviving spouses. Specifically, it establishes that a surviving spouse of a disabled veteran who was eligible for the exemption prior to their death can continue to receive the exemption as long as they do not remarry. The exemption applies to any homestead property owned by the surviving spouse, including property acquired after the veteran's death. Additionally, the bill outlines the application process for obtaining the exemption, which must be filed with the local assessing officer within the calendar year for which the exemption is claimed.

Furthermore, the bill introduces provisions for the assessment of property taxes for individuals who qualify for the exemption, including methods for prorating the exemption if the property is not used as a homestead for the entire tax year. It clarifies the definitions of "disabled veteran," "own," and "veteran," and includes new language regarding the legal title of property held by tenant stockholders in cooperative housing corporations. The bill also specifies that the taxes subject to collection must be canceled for any year in which an eligible individual acquires title to exempt property, and that exemptions granted for taxes levied on or after January 1, 2025, will remain in effect without the need for reapplication unless rescinded or denied.

Statutes affected:
Senate Introduced Bill: 211.7