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Senate Bill 540 |
Senate Author: Van de Putte |
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Effective: 6-17-11 |
House Sponsor: Gonzalez, Naomi |
A disabled veteran currently is entitled to an exemption from taxation of a portion of the assessed value of the veteran's property, with the amount of the exemption being based on the veteran's disability rating according to a schedule set forth in the Tax Code. If the disabled veteran dies, the veteran's surviving spouse and children, if any, are entitled to all or a share of the veteran's exemption, depending on the circumstances. The surviving spouse and children of a member of the United States armed forces who dies while on active duty also are entitled to an exemption in a specified amount. The exemption amounts set out in the statute were last revised in 2001. Senate Bill 540 requires the comptroller of public accounts to study what the fiscal impact on state and local governments would have been during the preceding 10 years had the maximum amount of the property tax exemption to which disabled veterans and their surviving spouses and children and certain members of the armed forces are entitled been adjusted to reflect the annual percentage change in the average market value of residence homesteads in each appraisal district in which such property is located. The bill requires a state agency or local government, at the comptroller's request, to provide information and assistance in conducting the study. The bill requires the comptroller, not later than December 1, 2012, to report the results of the study to the lieutenant governor, the speaker of the house of representatives, and the presiding officers of the standing committees of each house of the legislature with primary jurisdiction over matters affecting tax revenue and veterans affairs.