South Dakota House Bill HB1056

South Dakota 2024 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Increase the property tax exemption allowed for certain veterans with a disability.

Impact

The potential impact of HB 1056 on state laws includes providing meaningful financial relief to disabled veterans by reducing their property tax burden. This could significantly affect the affordability of housing for these individuals, thereby improving their overall quality of life. Additionally, the bill promotes equal treatment of disabled veterans under tax law, reinforcing the state's commitment to supporting this demographic. If passed, it is anticipated that the bill may also influence local tax revenues, particularly in communities with significant veteran populations.

Summary

House Bill 1056 proposes to increase the property tax exemption for certain veterans who are classified as permanently and totally disabled due to a service-connected disability. The bill aims to amend South Dakota state law, specifically § 10-4-40, raising the current exemption amount to $150,000 of the full and true value of owner-occupied property owned by qualified veterans. This amendment reflects ongoing discussions and efforts to enhance support for veterans within the state, acknowledging their sacrifices and the additional financial burdens they may face due to their disabilities.

Contention

While most discussions around HB 1056 appear to support the intent of increasing the exemption for disabled veterans, there may be some contention regarding the financial implications for local governments dependent on property tax revenues. Opponents might express concerns about the fiscal impact on municipal budgets and the potential need for compensatory measures to balance reduced tax income. Thus, while the focus is predominantly on enhancing veterans' benefits, there are underlying economic considerations that could spark further debates among lawmakers.