PROP TAX-EXEMPT DISABLED VET

Amends the Property Tax Code. Adds to the existing exemption from property taxes for certain disabled veterans, an exemption for property up to an assessed value of $58,000, owned and used exclusively by a disabled veteran or the spouse or unmarried surviving spouse of the veteran if the disabled veteran (or surviving spouse, as applicable) (i) is receiving disability compensation, rated at 50% or higher, from the U.S. Department of Veterans Affairs, (ii) is age 65 or older in the taxable year, (iii) is not employed, and (iv) has no children under the age of 21. Applicable to taxable years 2003 and thereafter. Effective immediately.