SB360:

Disabled veterans and surviving spouses; state subsidy of property tax exemptions.

Bill Summary:

State subsidy of property tax exemptions for
disabled veterans and surviving spouses. Requires the Commonwealth
to subsidize local real estate tax relief for disabled veterans and
surviving spouses of members of the United States Armed Forces killed
in action when more than one percent of a locality's real estate
tax base is lost due to such state-mandated tax relief programs.
The Commonwealth would subsidize only that portion of tax-exempt
real estate that exceeds the one percent threshold.

The
bill requires the Auditor of Public Accounts to establish an application
process whereby a locality would demonstrate that more than one percent
of its real estate tax base was lost. The Auditor would certify to
the Governor and the General Assembly those localities that would
be eligible for a subsidy, and the Governor would include in the
Budget Bill a proposed appropriation of the amount of the state subsidy
to be provided to localities certified as eligible localities.