No. CS/SB 450
Filed under Taxes & Budget.
Ad Valorem Tax Exemption for Disabled Veterans; Revising a limitation on the amount of a tax exemption that a surviving spouse may transfer to a new residence, etc.
Plain English Summary
AI-GENERATEDThe bill increases the maximum amount of property tax exemption a surviving spouse of a disabled veteran can carry to a new residence.
Previously, the transferable exemption was capped at the exact amount granted on the most recent tax roll.
Now, the spouse may transfer an exemption up to 120 percent of that previously granted amount.
This change applies to spouses who sell their current home and move to a new primary residence without remarrying.
AIIncreases the maximum amount of the disabled veteran's property tax exemption that a surviving spouse can transfer to a new home from 100% to 120% of the previous exemption amount.
AIIncreases the maximum amount of the disabled veteran's homestead property tax exemption that a surviving spouse can transfer to a new home from 100% to 120% of the previous exemption amount.
AIIncreases the maximum amount of the disabled veteran's homestead property tax exemption that a surviving spouse can transfer to a new home from 100% to 120% of the previous exemption amount.