Amends TCA Section 67-5-704.

Present law requires the following:<br /> <br /> (1) That certain disabled veterans must be paid from the general funds of the state the amount necessary to pay or reimburse such taxpayers for all or part of the local property taxes paid for a given tax year on that property that the disabled veteran owned and used as their residence;<br /> <br /> (2) Such reimbursement to be paid on the first $175,000 of the full market value of the property;<br /> <br /> (3) In determining the amount of relief to a taxpayer, the effective assessed value on the first $175,000 of the full market value to be multiplied by a tax rate that has been adjusted to reflect the relationship between the appraised value and market value in that jurisdiction, as determined by the state board of equalization;<br /> <br /> (4) The effective assessed value to be determined by multiplying the full market value of the property up to $175,000 by 25 percent;<br /> <br /> (5) The full market value of the property to be determined by adjusting the appraised value of the property as shown on the records of the assessor of property by a factor that reflects the relationship between appraised value and market value in that jurisdiction, as determined by the state board of equalization. <br /> <br /> This bill increases the maximum full market value, from $175,000 to $210,000, of a disabled veteran's property that is used in calculating the reimbursement outlined in items (1)-(5).<br />