Present law requires this state to provide from the general funds to disabled veterans the amount necessary to pay or reimburse them for all or part of the local property taxes paid for a given tax year on a property owned and used as the disabled veteran's residence. The reimbursement is paid on the first $175,000 of the full market value of the property. This bill changes the amount from the first $175,000 to the first $200,000. As used in present law, a "disabled veteran" means a person who has served in the armed forces of the United States, and who meets any of the following criteria:  Acquired in connection with such service a disability from paraplegia or permanent paralysis of both legs and lower part of the body resulting from traumatic injury or disease to the spinal cord or brain, or from legal blindness, or from loss or loss of use of two or more limbs from any service-connected cause.  Acquired 100% permanent total disability, as determined by the United States veterans' administration, and such disability resulting from having served as a prisoner of war.  Acquired service-connected permanent and total disability or disabilities, as determined by the United States department of veterans' affairs. Present law provides that, in determining the amount of relief to a taxpayer, the effective assessed value on the first $175,000 of full market value must be multiplied by a tax rate that has been adjusted to reflect the relationship between appraised value and market value in that jurisdiction, as determined by the state board of equalization. The effective assessed value is determined by multiplying the full market value of the property up to $175,000 by 25%. The full market value of the property is determined by adjusting the appraised value of the property as shown on the records of the assessor of property by a factor that reflects the relationship between appraised value and market value in that jurisdiction, as determined by the state board of equalization. For tax years beginning on or after July 1, 2025, this bill revises the above provisions by changing the reimbursement to be paid on from the first $175,000 to the first $200,000 of the full market value of the property.

Statutes affected:
Introduced: 67-5-704(a), 67-5-704