Proposed constitutional amendment to increase veterans' property tax deduction based on annual CPI increases.
This bill proposes a constitutional amendment to increase the amount of the veterans' property tax deduction based on annual increases in the Consumer Price Index (CPI). The CPI is a measure of inflation and reflects the average change over time in the prices of various goods and services. Currently, the deduction is set at $250. For tax year 2026, the deduction would be increased based on the annual percentage increases in the CPI from 2003 through 2025. Beginning in tax year 2027, the deduction would be annually adjusted based on the percentage increase in the CPI for that tax year.
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