SB3553 Summary

• Adds a new tier to the homestead exemption for disabled veterans with a service-connected disability of 1% or more but less than 30%, providing an annual exemption of $1,000 starting in taxable year 2021.

• Maintains existing exemption tiers for 2015 and thereafter: $2,500 for 30-50% disability, $5,000 for 50-70% disability, and full property tax exemption for 70% or more disability.

• Requires all exemption amounts be certified by the United States Department of Veterans Affairs.

• Allows exemptions to continue if the veteran moves to a nursing home or VA facility, provided the property remains occupied by the veteran's spouse or stays owned and unoccupied by the qualifying veteran.

• Permits prorated monthly exemptions for veterans who do not occupy the residence as of January 1 of the taxable year.