A bill for an act relating to property tax exemptions by changing the homestead tax exemption to a credit for owners attaining sixty-five years of age and increasing the military service tax exemption, and including effective date and retroactive applicability provisions.

This bill changes how property taxes are handled for elderly homeowners and military veterans. For homeowners aged 65 and older, the homestead tax exemption will become a tax credit, potentially offering a larger benefit. The military service property tax exemption will also be increased, with the exact amount depending on the property's tax rate. These changes would apply to taxes starting in 2025.

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