HB5101 Summary

• Amends the Property Tax Code to modify the homestead exemption for veterans with disabilities, effective for tax year 2023 and thereafter.

• Veterans with a service-connected disability of 70% or more whose property has an equalized assessed value equal to or greater than the maximum allowable amount receive a full exemption from taxation, but only up to the maximum allowable amount for that tax year.

• Establishes a "maximum allowable amount" of $250,000 until tax year 2023, then indexed annually to the percentage increase in the Consumer Price Index for All Urban Consumers.

• Updates the definition of "qualified residence" to include properties with assessed values at or above the maximum allowable amount when owned by veterans with 70% or more service-connected disabilities.

• Takes effect immediately upon becoming law.