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2012 SESSION

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SB 540 Real estate tax; exemption for disabled veterans.

Introduced by: Linda T. Puller | David W. Marsden | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Real property tax exemption for disabled veterans.  Provides that the tax exemption for the primary residence of a disabled veteran, a disabled veteran and his spouse, or a surviving spouse of a disabled veteran includes real property (i) held in a revocable inter vivos trust over which the veteran, the veteran and his spouse, or the surviving spouse hold the power of revocation; (ii) held in an irrevocable trust under which a veteran alone or in conjunction with his spouse possesses a life estate or an estate for joint lives, or enjoys a continuing right of use or support; or (iii) held by a veteran alone or in conjunction with his spouse as tenant or tenants for life or joint lives. The bill also provides that the exemption for the surviving spouse of a disabled veteran includes property held in any of these ways. Finally, the bill establishes a formula for prorating the amount of the exemption in the event there are owners in addition to the disabled veteran. This bill incorporates SB 529.


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