SB 360

Abstract

State subsidy of property tax exemptions fordisabled veterans and surviving spouses. Requires the Commonwealthto subsidize local real estate tax relief for disabled veterans andsurviving spouses of members of the United States Armed Forces killedin action when more than one percent of a locality's real estatetax base is lost due to such state-mandated tax relief programs.The Commonwealth would subsidize only that portion of tax-exemptreal estate that exceeds the one percent threshold. Thebill requires the Auditor of Public Accounts to establish an applicationprocess whereby a locality would demonstrate that more than one percentof its real estate tax base was lost. The Auditor would certify tothe Governor and the General Assembly those localities that wouldbe eligible for a subsidy, and the Governor would include in theBudget Bill a proposed appropriation of the amount of the state subsidyto be provided to localities certified as eligible localities.