HSB 644

This bill relates to the military service property tax exemption and credit. Under current law, veterans of World War I are entitled to a property tax exemption of $2,778 in taxable value and honorably discharged veterans who served during other specific time periods are entitled to a property tax exemption of $1,852 in taxable value. The bill increases the exemption amount for all eligible veterans to $25,000.92 per $1,000 of assessed value of the exempt property.7 provides that if a state appropriation made to fund a credit or exemption is not sufficient to fully fund the credit or exemption, the political subdivision shall be required to extend to the taxpayer only that portion of the credit or exemption estimated by the department of revenue to be funded by the state appropriation. 92 per $1,000 of assessed value of the exempt property. The bill applies to property taxes due and payable in fiscal years beginning on or after July 1, 2022.