This bill amends the Property Tax Code to enhance property tax exemptions for veterans, particularly in response to recent constitutional amendments. Key provisions include allowing disabled veterans or their surviving spouses to transfer property tax exemptions within the same tax year by submitting a written request to the county assessor. The bill also limits increases in residential property valuation, includes certain physical improvements, and establishes penalties for failing to report property transfers timely. Additionally, the requirement for property owners to declare their property as residential has been removed, and the pay rate for county valuation protest board members has been increased to account for inflation.

Moreover, the bill revises veteran exemption amounts, increasing the exemption for tax year 2025 to $10,000 and allowing for inflation adjustments starting in tax year 2026. It clarifies definitions related to veterans and disabled veterans, ensuring property owned by these individuals is exempt from taxation based on their disability percentage. The bill also establishes automatic application of certain exemptions by county assessors in subsequent tax years, provided eligibility remains unchanged. It creates a "county valuation protests board" in each county to address protests against assessor determinations and introduces a one percent administrative charge on revenue collected by county treasurers for a newly established "county property valuation fund." The provisions will take effect for property tax years beginning on or after January 1, 2025, with some sections applicable from January 1, 2026, and includes an emergency clause for immediate enactment.

Statutes affected:
introduced version: 7-36-21.2, 7-37-5, 7-37-5.1, 7-38-12.2, 7-38-17, 7-38-17.1, 7-38-20, 7-38-25, 7-38-38.1