LD 1194 LR 1550(02)
An Act To Increase Property Tax Relief for Veterans
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $25,000 $3,350,000 $3,500,000
General Fund $0 $25,000 $3,350,000 $3,500,000
Fiscal Detail and Notes
This bill increases the property tax exemption for certain eligible veterans from $6,000 to $10,000, expands the dates of federally recognized war periods and provides for 100% state reimbursement of the loss in property taxes to municipalities. The bill includes a one-time General Fund appropriation of $25,000 in fiscal year 2020-21 to the Department of Administrative and Financial Services to reimburse municipalities for the cost of processing additional property tax exemption applications for veterans.  The Department will require annual General Fund appropriations of $$3,350,000 in fiscal year 2021-22 and $3,500,000 in fiscal year 2022-23 to reimburse municipalities 100% of the property tax loss.