Bill > SB0012

This bill amends Tennessee's property tax relief program for disabled veterans by increasing the maximum home value eligible for tax reimbursement from $175,000 to $200,000. Specifically, the legislation modifies Tennessee Code Annotated, Section 67-5-704(a), which governs property tax exemptions for disabled veterans. Under the current law, veterans could receive property tax relief on homes valued up to $175,000, but this bill raises that threshold to $200,000, effectively providing more financial support to disabled veterans by allowing them to receive tax reimbursements on a higher home value. The bill will take effect on July 1, 2025, and will apply to tax years beginning on or after that date, giving local governments and tax authorities time to prepare for the change. This modification aims to provide additional property tax relief to disabled veterans, potentially helping them better manage their housing expenses by expanding the value of their home that can be partially reimbursed.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0012&ga=114