SB2700 Summary

• Removes the $250,000 equalized assessed value cap for homestead exemptions for veterans with service-connected disabilities of 70% or more, making their entire primary residence exempt from taxation beginning in taxable year 2024.

• Changes section (b-3) to apply only through taxable year 2023 and creates new section (b-4) for taxable year 2024 and thereafter, establishing a tiered exemption structure based on disability rating levels (30-50%, 50-70%, and 70%+).

• Extends full property tax exemption to surviving spouses of veterans whose deaths were determined to be service-connected and who receive dependency and indemnity compensation, with the first $250,000 in equalized assessed value exempt beginning in taxable year 2024.

• Prohibits using this amended law as basis for appeals regarding exemption scope or meaning for tax years prior to 2024.

• Maintains existing provisions allowing exemptions to continue for veterans who enter nursing homes or VA facilities, and allowing surviving spouses to transfer exemptions to new residences if they remain unmarried.