This bill amends the Property Tax Code to enhance property tax exemptions for veterans and their surviving spouses, increasing the exemption amount from $4,000 to $10,000 starting in tax year 2025, with future adjustments for inflation. It allows for the transfer of property tax exemptions for disabled veterans or their surviving spouses within the same tax year upon a written request to the county assessor. The bill also clarifies the definition of "change of ownership" and introduces penalties for failing to report property transfers in a timely manner. Additionally, it removes certain reporting requirements, such as the need for property owners to mail a form declaring their property as residential, and increases compensation for county valuation protest board members.

Further changes include the automatic application of head-of-family, veteran, and veterans' organization exemptions by county assessors in subsequent tax years if there is no change in eligibility or property ownership. The bill establishes new requirements for property owners to report changes in property use and outlines penalties for non-compliance. It modifies the process for mailing valuation notices to property owners, specifies required information, and creates a "county valuation protests board" in each county to address protests against assessor determinations. A nonreverting "county property valuation fund" is also established to manage administrative charges from revenue collected by county treasurers. The provisions of the bill will take effect immediately, with specific applicability dates for different sections.

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