Bill No.: HB0094                  Drafter:  MQ

LSO No.:  07LSO-0147              Effective Date:  1/1/2007

Enrolled Act No.:  HEA0070

Chapter No.:       100

Prime Sponsor:     Joint Revenue Interim Committee

Catch Title:       Veteran's property tax exemption.

Subject:  Provides amendments to the veteran's property tax exemption law including the value of the exemption and removing the limitation on the total tax benefits under the exemption.

Summary/Major Elements:

· Increases the annual exemption for the veteran's property tax exemption from $2,000 to $3,000 of assessed value.

· Removes the lifetime limitation on the exemption (previously $800 in total tax benefits).

· Also allows the exemption to be claimed by a disabled veteran with a compensable service connected disability certified by the veterans administration.

· Specifies that the exemption only applies to the principal residence of the veteran or qualifying surviving spouse, and that the exemption may only be claimed in 1 county of the state.

· Provides that those who previously received the maximum lifetime amount may apply for the exemption again.

· Appropriates $1.2 million to the state treasurer to pay for the exemption.