Relating to the exemption from ad valorem taxation of a percentage of the assessed value of a property owned by certain disabled veterans and the amount of the exemption for the surviving spouses and children of certain disabled veterans.
Impact
The implications of HB4321 are significant, as it alters the financial landscape for disabled veterans and their families in terms of property tax obligations. By adjusting the exemptions set in the Tax Code, the bill may alleviate financial burdens, especially for those veterans living on fixed incomes. Furthermore, it may promote a fairer system for survivorship benefits, allowing surviving spouses to inherit the exemption amount, ensuring continued financial relief. The bill's effectiveness, however, depends on the approval of a corresponding constitutional amendment that would authorize these changes.
Summary
House Bill 4321 proposes amendments to the Tax Code concerning the exemption from ad valorem taxation for certain disabled veterans. The bill establishes a clearer framework for the percentage of property tax exemptions based on the disability rating of veterans and further provides benefits for their surviving spouses and children. Specifically, it outlines a structured increase in exemptions based on the severity of disability, ranging from 20% for those rated between 10% and 30% to a full 100% exemption for those rated 100%. This is designed to enhance financial relief for veterans, acknowledging their service and sacrifices.
Contention
The main points of contention surrounding HB4321 relate to its fiscal impact on state tax revenue and the necessity of exemptions. Critics may argue that while such measures provide essential support to veterans, they could lead to significant shortfalls in local tax revenues, consequently impacting public services. Proponents, however, assert that the benefits to veterans and their families outweigh potential revenue losses, promoting social equity and recognizing the unique challenges faced by disabled veterans. The debate will likely focus on balancing fiscal responsibility with social welfare, particularly in consideration of the vulnerabilities of this demographic.
Enabling for
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation a percentage of the assessed value of property owned by certain disabled veterans.
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.
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 exemption from ad valorem taxation of a portion of the 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 the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation by certain taxing units of a portion of the appraised value of the residence homestead of the parent or guardian of a person who is disabled and who resides with the parent or guardian.