No one knows sacrifice quite like military service members and their families. Living away from home and with a support system, many military families know how hard it can be to make ends meet on a government salary. Unfortunately, bankruptcy, foreclosures and tax debt are all big threats that many of these families have had to face in tough economy times. However, a new law offers a helping hand to the men and women who serve our country, and their families back home.
Texas Senate Bill 516
Several laws took effect with the start of this new year, many of which are aimed at taking some of the pressure of Texans. One law that is getting a lot of attention is Senate Bill 516, which extends property tax exemptions to disabled veterans and their surviving families. This law allows for a total homestead exemption of property owned by a disabled veteran or their surviving spouse and family.
The Senate Bill did not create a new law to Texas, rather extended an existing exemption that went into effect in 2009. Since then, it is estimated that about 35,000 Texas veterans have benefited from the veteran homestead exemption. The new law is expected to help thousands more as surviving families of service members are reached by its implementation.