SENATE BILL REPORT
SB 6469
BYSenators Bender, Warnke, Rasmussen, Bauer, Vognild, Smitherman, Johnson and Kreidler
Extending senior citizens' property tax exemption to disabled veterans.
Senate Committee on Ways & Means
Senate Hearing Date(s):February 1, 1988
Senate Staff:Gary Benson (786-7715)
AS OF FEBRUARY 1, 1988
BACKGROUND:
Senior citizens (age 61 and over) and disabled retired homeowners with incomes of $18,000 and under are exempt from all excess property taxes levied on their principal residence. In addition, those with incomes between $12,001 and $14,000 receive an exemption from all regular levies on $24,000 or 30 percent of the value of their residence, whichever is greater, but no more than $40,000. If income is $12,000 or less, an exemption from regular levies is granted on $28,000 or 50 percent of the value of their residence, whichever is greater.
SUMMARY:
American veterans who are 50 percent or more disabled are granted the same property tax exemptions currently available to senior citizens and those retired due to physical disability.
Appropriation: none
Revenue: yes
Fiscal Note: requested January 31, 1988