Amends TCA Section 67-5-704.

This bill increases the first portion of home value for which property tax relief will be reimbursed to disabled veteran home owners among other changes. Under present law, the state pays or reimburses certain disabled veterans for all or part of the local property taxes paid in a given year on the property the veteran owns and uses. The reimbursement is paid on the first $175,000 of the full market value of such property. In determining the amount of relief to a taxpayer, the effective assessed value on the first $175,000 of full market value must be multiplied by a tax rate that has been adjusted to reflect the relationship between appraised value and market value in that jurisdiction, as determined by the state board of equalization. The effective assessed value must be determined by multiplying the full market value of the property up to $175,000 by 25 percent. This bill increases all of the applicable dollar amounts described above to determine the property tax relief from $175,000 to $250,000.