House File 2362 Military Property Tax Exemption

HOUSE REPUBLICAN STAFF ANALYSIS Bill: Committee: Floor Manager: Date: Staff: House File 2362 Veterans Affairs Rep. Wind...

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HOUSE REPUBLICAN STAFF ANALYSIS Bill: Committee: Floor Manager: Date: Staff:

House File 2362 Veterans Affairs Rep. Windschitl Final Kristi L. Kious (2-5290)

House Veteran Affairs: House Floor: Senate Floor: Governor:

PASSED on February 17 (17-0)

Military Service Property Tax Exemption • This bill provides for an increase to the military service property tax exemption. • Fiscal Note – Increase to military exemption reimbursement appropriation: $163,050 Increase to school aid appropriation: $127,235 Decrease in local revenue: $545,216 Total increase in benefit to property owners: $835,501

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Section by Section Analysis Sections 1 & 2 – Military Service—Exemptions Currently Veterans of WWI are given a property tax exemption of $2,778 in taxable value and all other veterans are given one for $1,852. These sections change the exemption amount for all veterans to $2,000. Section 3 –Applicability This section provides that this exemption is applicable to property taxes due and payable in FY18 and thereafter.

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