HB 5571

Abstract

Amends the Property Tax Code. Creates the Veterans' Homestead Assessment Freeze Exemption. Beginning in taxable year 2005, an assessment freeze exemption is granted for residential real property that is owned by veteran or leased by a lessee who is veteran who has a legal or equitable ownership interest in the property as lessee and is liable for the payment of real property taxes on that property. Provides that the amount of this exemption is the equalized assessed value of the property in the taxable year for which application is made minus the base amount. Defines "base amount" as the base year equalized assessed value of the property plus the first year's equalized assessed value of any added improvements that increased the assessed value of the property after the base year. Defines "base year" as the taxable year prior to the taxable year for which the veteran first qualifies and applies for the exemption. Sets forth application procedures for the exemption. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.