Present law requires there to be paid from the general funds of the state to certain disabled veterans the amount necessary to pay or reimburse such taxpayers for all or part of the local property taxes paid for a given tax year on that property that the disabled veteran owned and used as the disabled veteran's residence. Such reimbursement must be paid on the first $175,000 of the full market value of such property. For tax years beginning on or after July 1, 2025, this bill clarifies that the assessor of property determines the full market value of the property. Present law requires, in determining the amount of relief to a taxpayer, the effective assessed value on the first $175,000 of full market value to 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. For tax years beginning on or after July 1, 2025, this bill changes the present law by requiring, instead, the assessed value on the first $175,000 of the full market value to be multiplied by the ad valorem tax rate in that jurisdiction. Present law provides that 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 deletes this provision.

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