State lawmakers have reached an agreement on a bill that would help make up tax revenue lost through mandated disabled veterans property tax exemptions.
The bill called HB7 says the state must give cities that have lost more than 2% of their revenue, due to veteran exemptions, a portion of that money back. Texas has a mandate that 100% disabled veterans are exempted from property taxes. HB7 only applies to counties that border or are adjacent to military installations, like Fort Hood.
Bell County, which may be the greatest impacted, should Gov. Greg Abbott sign the bill, loses more than $2 million each year in veterans exemptions. According to a County Judge John Burrows, the county could stand to receive 59% of that lost revenue from the state.
The governor still has the option to veto the bill into law before the summer break, which starts June 21. Any unsigned bills become law after that date.
