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 can continue to receive the exemption as long as they do not remarry, and it applies to any homestead property they acquire after the veteran's death. To obtain the exemption, the individual or their legal designee must file an application with the local assessing officer within the calendar year for which the exemption is claimed. The bill also allows the assessing officer to require additional information for claims related to property held by tenant stockholders in cooperative housing.

Additionally, the bill clarifies the definition of "own" or "owned" to include the interest of a tenant stockholder in a cooperative housing corporation. It specifies that the exemption must be prorated if the individual does not use and own the property as a homestead for the entire tax year. The bill also outlines the criteria for what constitutes a "disabled veteran" and provides definitions for related terms. Overall, the amendments aim to enhance the benefits available to disabled veterans and their families regarding property tax exemptions.

Statutes affected:
Senate Introduced Bill: 211.7