AN ACT CONCERNING STATE REIMBURSEMENT TO MUNICIPALITIES FOR REVENUE LOST DUE TO THE PROPERTY TAX EXEMPTION FOR VETERANS WITH A ONE HUNDRED PER CENT PERMANENT AND TOTAL DISABILITY RATING.

Summary

The bill creates a process for towns, cities and other municipalities to claim state reimbursement for property tax revenue they lose because of the exemption granted to veterans who are rated 100% permanently and totally disabled. Municipal assessors must certify the lost amount each year, and the state will pay the approved claims by the end of December. The measure aims to offset local budget impacts while preserving the veteran tax break.

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