New law will expand property tax benefit to more disabled veterans
4/19/2016 11:31:00 AM
Contact: State Rep. Dustin Roberts
Capitol: (405) 557-7366
OKLAHOMA CITY – Legislation now signed into law will increase the access of disabled veterans to a property tax exemption.
House Bill 2349, by state Rep. Dustin Roberts and state Sen. Frank Simpson, modifies the definition of gross household income to exclude veterans’ disability compensation payments when determining eligibility for the additional homestead exemption.
“Disabled veterans are individuals who have paid a high price for their service to this country and who may face difficult circumstances due to their disability,” said Roberts, R-Durant. “This legislation will help those individuals qualify for an additional homestead exemption.”
The bill was endorsed by the Oklahoma Food Banks and was their featured bill for the session.
Based on 2014 U.S. Veteran Affairs data, there are 84,170 Oklahoma veterans receiving disability compensation. House staff estimates about 2,830 homesteads could qualify under the new law and, at $103 per exemption, the maximum fiscal impact would be $291,490 in local property tax revenues.
The law will take effect in November of 2016.