Sec. 1. 36 MRSA §653, sub-§1, śC, as amended by PL 1999, c. 462, §2, is repealed and the following enacted in its place:

C.__The estates up to the just value of $5,000, having a taxable situs in the place of residence, of veterans who served in the Armed Forces of the United States if the veteran:

(1)__Served for a period of at least 2 years and is at least 62 years of age; or

(2)__Is__receiving any form of pension or compensation from the United States Government for total disability, service-connected or nonservice-connected, as a veteran.

The exemptions provided in this paragraph apply to the property of that veteran, including property held in joint tenancy with that veteran's spouse or held in a revocable living trust for the benefit of that veteran.

SUMMARY

This bill amends the $5,000 property tax exemption provided to a veteran who served in the Armed Forces of the United States to remove the eligibility requirements that the veteran served during a federally recognized war period or that the veteran be totally disabled. Under this bill, a veteran of the Armed Forces of the United States is eligible to receive a property tax exemption if the veteran served at least 2 years and has reached the age of 62 or the veteran is totally disabled.