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2023 SESSION

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SB 1032 Disabled veterans & surviving spouses of certain military; state subsidy of property tax exemptions.

Introduced by: Richard H. Stuart | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

State subsidy of property tax exemptions for disabled veterans and surviving spouses of military members killed in action. Requires the Commonwealth to subsidize local real estate tax relief for disabled veterans and surviving spouses of members of the United States Armed Forces killed in action when more than one percent of a locality's real estate tax base is lost due to such state-mandated tax relief programs. The bill provides that the Commonwealth will subsidize only that portion of tax-exempt real estate that exceeds the one percent threshold and requires the Auditor of Public Accounts to establish an application process whereby a locality demonstrates that more than one percent of its real estate tax base was lost. Under the bill, the Auditor certifies to the Governor and the General Assembly those localities that are eligible for a subsidy and the Governor includes in the Budget Bill a proposed appropriation of the amount of the state subsidy to be provided to localities certified as eligible localities.


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