Amends TCA Title 67, Chapter 5, Part 7.

Present law provides that there is paid from the general funds of the state to certain disabled veterans the amount necessary to pay or reimburse those 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 the disabled veteran's residence. The reimbursement is paid on the first $175,000 of the full market value of the property.<br /> <br /> Present law provides that, 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 is determined by multiplying the full market value of the property up to $175,000 by 25 percent. The full market value of the property is 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 /> For tax years beginning on or after July 1, 2024, this bill revises the above provisions by providing, instead, that the reimbursement is paid on the first $300,000 of the full market value of the property.<br />