Amends the real property tax law to provide for veterans' real property tax exemptions in cities with a population of one million or more.
This bill amends the real property tax law to provide for veterans' real property tax exemptions in cities with a population of one million or more. It specifies that qualifying residential real property shall be exempt from taxation to the extent of six percent of the assessed value of such property, with certain limitations. The bill also allows local legislative bodies to adopt resolutions or local laws to adjust the maximum exemption allowable.
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