Plain English Breakdown
The official source material does not specify what the previous exemption amount was.
Increase Property Tax Exemption for Veterans
This act increases the property tax exemption amount to $20,000 for eligible veterans and military-related individuals but limits it to properties valued under $750,000.
What This Bill Does
- Increases the property tax exemption to $20,000 for eligible veterans and military-related individuals.
- Limits the exemption to properties worth less than $750,000.
Who It Names or Affects
- Veterans
- Certain other military-related individuals
Terms To Know
- Property tax exemption
- A reduction in the amount of property taxes owed by eligible homeowners or property owners.
- Military-related individual
- An individual who has served in the military, including veterans and those currently serving.
Limits and Unknowns
- The bill does not specify what the previous exemption amount was.
- It is unclear how many properties will be affected by this change.