Relating to an exemption from ad valorem taxation of the residence homesteads of certain totally disabled veterans.
Impact
If enacted, HB 62 would significantly affect the financial landscape for disabled veterans by lowering their property tax obligations. By exempting the total appraised value of their residences from ad valorem taxes, these veterans would effectively retain more of their income, which is crucial for many in managing their living expenses. In instances where veterans reside in areas with high property values, the impact of this exemption could lead to substantial savings over time, thereby enhancing their financial well-being.
Summary
House Bill 62 aims to provide an exemption from ad valorem taxation for the residence homesteads of certain totally disabled veterans. Specifically, the bill states that veterans who have been classified as having a service-connected disability with a 100% disability rating are entitled to a full exemption on the appraised value of their homestead. This legislative measure highlights the state's commitment to support veterans who are deemed entirely disabled as a result of their service, alleviating some of their financial burdens.
Contention
While the bill appears to have a supportive aim, it may also raise discussions around the implications of tax revenue loss at the local level that could result from such exemptions. Some lawmakers and community members might express concerns regarding the need to balance tax relief for veterans with the funding requirements for local services and infrastructure. However, the overarching sentiment among supporters is that the financial support provided to disabled veterans should take precedence, given their sacrifices.
Relating to the exemption from ad valorem taxation of the total appraised value of the residence homestead of the surviving spouse of a 100 percent or totally disabled veteran.
Relating to the provision of state aid to certain local governments to offset the cost of the exemption from ad valorem taxation of the residence homestead of a 100 percent or totally disabled veteran.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of a portion of the appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Proposing a constitutional amendment authorizing the legislature to provide for an exemption from ad valorem taxation of all or part of the market value of the residence homestead of the surviving spouse of a 100 percent or totally disabled veteran regardless of whether the property was the residence homestead of the surviving spouse when the disabled veteran died.
Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, an adjustment in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.