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2020 SESSION

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SB 143 Disabled veterans and surviving spouses; 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. Requires the Commonwealth to subsidize local real estate tax relief for disabled veterans and surviving spouses of members of the 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 Commonwealth would subsidize only that portion of tax exempt real estate that exceeds the one percent threshold.

The bill requires the Auditor of Public Accounts to establish an application process whereby a locality would demonstrate that more than one percent of its real estate tax base was lost. The Auditor would certify to the Governor and the General Assembly those localities that would be eligible for a subsidy, and the Governor would include 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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