Real estate tax exemption for disabled veterans

The ‘Disabled Veterans Real Estate Tax Exemption Program’ was started with a view to provide honorably discharged veterans with 100% disability a real estate tax exemption. This program provides exemption to only those veterans who a resident of Commonwealth and have a financial need. The veterans should occupy such real estate as his or her principal dwelling and such dwelling should be solely owned by such veteran or be an estate in the entirety.

The veteran is required to prove his or her financial need in order to qualify for such exemption only if their annual income exceeds $79,050. Veterans who do not earn such minimum income are presumed to have the financial need. If the veteran’s income exceeds this amount and if his or her allowable expenses exceed the applicant’s household income, then they can be deemed to be in need for such exemption. The applicant’s monthly household income can be calculated to include the dependent’s allowance as well as a cost of living allowance.

Also upon death of the qualified veteran, the tax exemption may be given to his significant other in case it is proved that there is a strong financial need. However such application by the surviving spouse will only get approved if the spouse has not remarried, is a resident of Commonwealth and is the owner and occupant of the claimed dwelling. In either case, any person not able to prove his or her residence or tenant occupants of rental dwellings cannot be deemed as eligible for real estate tax exemption or retroactive funds. There are three ways you can gain real estate discounts and tax exemption being a disabled veteran: :

Discount on property taxes from January 1, 2007 for permanent and totally disabled veterans who suffered such disability in connection while being in service.

Exemption of up to $5,000 for qualifying ex-service members with disabilities of more than 10 percent suffered as a consequence of being a part of wartime service or misfortune. The members also require proving that that they were discharged honorably.

Total property tax exemption on homestead properties for honorably discharged veterans with service connected total and permanent disabilities. This exemption is provided only on the taxes calculated on homestead properties not on the value. The veterans should be able to submit proof in documents with regard to following points:

1.They should be at least 65 years old.
2.They have had an honorable discharge from the military service.
3.They have been partially disabled with a permanent disability connected to service and all or part of such disability is related to a combat.

Once the veteran or their spouse has been able to prove their qualification as well as need for such exemption, the board for assessment and revision of taxes will grant the required tax exemption. Such properties that have been granted such tax exemption will be reviewed periodically every 5 years to make sure that such real estate properties do deserve such exemption. Make sure that you make timely applications to the municipal assessor of the taxing district where such real estate property is situated.

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