After a multi-year, nationwide effort to lessen the financial strain on qualified disabled Veterans, almost every state in the U.S. offers some sort of property tax exemption for disabled Veterans. Show "If you're a disabled Veteran, in almost every single jurisdiction, you can petition your local taxing authority and you can have all of your local real estate taxes waived." said Mike Frueh, former National Director of the VA Home Loan program. "That's a fantastic benefit." And that benefit could save you thousands. Interested in using your property tax exemption status towards purchasing a home? Check your options with a Veterans United home loan specialist here. Do Veterans Pay Property Taxes?Veterans may be entitled to property tax exemption for their primary residence. Eligibility and the amount of the exemption typically depends on disability rating, state, county, and city. Many states offer exemptions solely for disabled Veterans. However, every homeowner's situation is different. Here are some important things to remember about property tax exemptions:
Exemption amounts, rates and conditions can vary by county or city just as they do by state. Veterans should contact their local municipal tax assessor's office to check for localized exemptions. California, for instance, allows qualified disabled Veterans to receive a property tax exemption on the first $196,262 of their primary residence if their total household income does not exceed $40,000 and the Veteran is 100 percent disabled as a result of service. Interested in knowing what exemptions are available in your state? Here is a list of property tax exemptions available to disabled Veterans in each state: Talk through your unique home financing situation, goals and options with a Veterans United loan specialist at 855-870-8845. You can also get started online today.
Do You Understand Your Benefits?Unfortunately, many Veterans, disabled and able alike, are often unaware of the plentiful benefits available to them. The VA's 2010 National Survey of Veterans found that 59 percent of respondents said "their understanding of available benefits was 'a little' or 'not at all.'" The Government Accountability Office suggests complexity as a possible factor, while others blame a disconnect in communication between the Department of Veterans Affairs and administering localities. Regardless, U.S. Senator Charles Schumer notes property exemptions in particular as crucial benefits that allow Veterans to "afford a home and live stable civilian lives. For more information about how your disability rating affects you as a Veteran
homeowner or homebuyer read:How Your Disability Rating Affects Your VA Home Loan Benefit |