Relating to property tax exemptions by changing the homestead tax exemption to a credit for owners attaining sixty-five years of age and increasing the military service tax exemption, and including effective date and retroactive applicability provisions

This bill relates to property tax exemptions by changing the homestead tax exemption for certain elderly persons to a credit for owners attaining years of age and increasing the military service tax exemption. DIVISION I —— HOMESTEAD TAX CREDIT FOR ELDERLY OWNERS.1A, the homestead tax exemption for owners attaining years of age shall not exceed $6,500 of taxable value.23. eligible homestead. The bill makes conforming changes to the additional credit in Code chapter 425, subchapter II. The division takes effect upon enactment and applies retroactively to assessment years beginning on or after January 1, 2025. DIVISION II —— MILITARY SERVICE TAX EXEMPTION. Under current law, all honorably discharged veterans are entitled to a property tax exemption of $4,000 in taxable value. The bill increases the property tax exemption amount to an amount that is equal to the lesser of the actual value of the property and an exemption amount that is equivalent to a $4,000 credit on the actual taxes payable on a property owned by an eligible veteran.7 does not apply to the division, and as a result, a political subdivision is required to extend the credit to eligible veterans. The division takes effect upon enactment and applies retroactively to assessment years beginning on or after January 1, 2025.