Veterans' property tax exemption.
This bill expands the veteransí property tax exemption to include honorably discharged veterans (including surviving spouses) who served in the military during the following periods:
The veteransí exemption is limited to an annual exemption of $3,000 of assessed value, or $212 in property tax per year, based on the average 2008 municipal mill levy of 70.832 mills.
The total property tax exemption for veterans serving between World War II and the Korean War is estimated at $53,636 per year ($212 x 253 veterans). With the margin of error stated above, this impact could reach a maximum of $76,320 per year ($212 x 360).
The total property tax exemption for veterans serving between the Korean War and the Vietnam War is estimated at $1,224,300 per year ($212 x 5,775 veterans). With the margin of error stated above, this impact could reach a maximum of $1,330,724 per year ($212 x 6,277).
Since the veteransí exemption is also available to surviving spouses of veterans, the fiscal impact of including these groups of veterans could approach the maximum estimates, totaling $1,407,044.
Prepared by:† †Dean Temte, LSO††† Phone: 777-7881
(Information provided by Doug Shope, Military Dept.; 772-5235:
Marvin Applequist, Dept. of Revenue; 777-5235)