Property tax in the US is an expense that we can't avoid, but we can definitely ease the burden, especially as veterans who contributed significantly to the country in their formative years.
For veterans, homeownership is important to maintain a stable and secure life after the sacrifice of their service years. However, the burden of property tax can make it hard for them to live a financially secure life as a homeowner. Recognizing this, many US states have introduced various property tax exemption programs for disabled and non-disabled veterans.
In this article, we will learn about the US states that offer great exemptions on property taxes for veterans to give them much-deserved relief.
Property tax for veterans and property tax exemptions for veterans in the US
Before delving into understanding which states offer exemptions on property tax bills, let's first discuss a bit about property taxes and how they operate for veterans in the US.
Property tax is an annual expense for homeowners and real-estate investors in the US that is levied on the properties an entity or individual owns. These taxes are calculated as a percentage of the assessed value of the property, according to the property tax rate of the county or tax district where your property is located.
Hence, your property tax bill may differ every year, but property owners have no control over determining the bill amount. This is why many homeowners choose to protest their property tax bill if they find it higher or think their property has been assessed incorrectly.
When it comes to veterans, the same rule applies to assessing their properties, hence the need for the exemptions. For veterans, the financial burden of property taxes can also be coupled with other additional expenses, such as the medical expenses they may have.
In order to making things better for veterans, some US states have implemented exemption policies that help these veterans live more securely. Every state's policy has different eligibility criteria and exemption limits. Let's learn more about them.
US states offering full exemptions on property taxes to its veteran citizens
- Alabama
Alabama extends a full exemption to veterans with a 100% disability rating or those over 65. The full exemption is applied to properties not exceeding a size of 160 acres, and the property must be listed as the veteran's primary residence.
- Arkansas
Arkansas offers a full property tax exemption to disabled veterans who have lost a limb or gone completely blind in one or both eyes during their service. Those with a 100% disability rating can also utilize this exemption.
- Florida
Florida veterans with a 100% disability rating are eligible to receive a full property tax exemption on their primary residence.
- Hawaii
Hawaii veterans who suffer 100% disability that occurred during their service tenure are entitled to a full property tax exemption on their primary residence.
- Iowa
Iowa veterans who became 100% disabled due to a service-connected injury are eligible for a full property tax exemption.
- Louisiana
Louisiana veterans with a 100% unemployability rating from the VA or a 100% disability due to service may receive a full parish property tax exemption.
- Maryland
Maryland veterans with a 100% disability rating as a result of service may receive a full property tax exemption on their primary property.
- Michigan
In Michigan, 100% disabled veterans as a result of their service may receive a full property exemption on their primary residence.
- Mississippi
Honorably discharged veterans with 100% disability due to service-related causes are exempt from all property taxes.
- New Hampshire
New Hampshire veterans with a 100% disability rating are eligible for a full property tax exemption on their primary residence and may also receive a tax credit of $701.
- New Mexico
New Mexico veterans with a 100% disability rating receive a full tax exemption on their principal place of residence.
- Texas
Texan veterans with a 100% service-connected disability qualify for a full exemption on their property taxes.
- Virginia
Virginia veterans who are permanently and totally disabled may qualify for a full property tax exemption on their primary residence.
- Pennsylvania
Pennsylvania veterans with a 100% disability due to service-related reasons enjoy a full exemption from property taxes on their primary residence.
- Oklahoma
Oklahoma veterans who are completely disabled are fully exempt from paying property taxes.
While we all appreciate such policies, not all of us in the US qualify for such exemptions, no matter how much we need them. That being said, protesting your property tax assessment is another way to get some relief from paying high property tax bills, especially if they’re the result of an incorrect judgment.
If you've been looking to get a property tax consultant onboard to assess your property value and help you file a successful protest, we'd love to assist you at Bezit.