Property tax relief for disabled veterans
What Is Property Tax?
Property tax is used to refer to the tax paid by property owners (which can be an individual, group of individuals or a Corporation), on the property owned. The tax liability is expected to be covered by the owner of the property and the amount to be paid as property tax is usually calculated by the local government where the property is located based on the estimated value of the property and other necessary considerations.
The payment of property tax by property owners in a particular location provides the necessary revenue for the state and local governments to provide necessary amenities for the community like water and sewer treatments, road construction, education, security, and other necessary amenities in the community. For the improvement of the community, the payment of property tax is essential.
Who are disabled veterans?
A disabled veteran is a term used to refer to individuals that have previously served the nation on active duty in the armed forces and were discharged from service due to a disability encountered in the course of active duty.
Today’s topic focuses on the property tax relief solutions that the IRS has made available for disabled veterans who have lost something in the service of their country.
Property tax relief for disabled veterans
The disabled veteran’s property tax relief is a government-provided benefit for disabled veterans which aims to help reduce the property tax liabilities on property owned by disabled veterans.
Due to the peculiar situations of these disabled veterans, a lot of benefits are given to them by the federal and state governments. One of the benefits, therefore, is the property tax relief scheme for disabled veterans offered by most state governments to disabled veterans with properties within the state. This tax relief benefit helps to save the disabled veterans thousands of dollars they would have otherwise spent on sorting out tax liabilities each year.
What qualifies you for the disabled veteran tax relief?
For an individual to qualify for these tax benefits provided for disabled veterans, an individual must meet the following requirements:
- Be a disabled veteran or be an unmarried living spouse of a late disabled veteran who died as a result of the disease or injury incurred during active military service. In the case of an unmarried living spouse of a late disabled veteran, the spouse will need to provide proof of marriage, death certificate of the disabled veteran, and a proof that the death was as a result of an injury incurred during active Service
- The property on which a disabled veteran tax relief can be claimed on should be the main place of residence of the disabled veteran and must be owned by the disabled veteran, their spouse, or both.
- The disabled veteran must not have been discharged from active duty due to dishonorable reasons. Discharge from duty must be under honorable conditions and they must have been in active service during a time period listed in the tax code.
- The disability of the veterans has to be one of the following; Losing the use of two or more limbs, blind in both eyes, or disability from injury or disease gotten during active military service. If possible, the Federal U.S department of veterans affairs can issue a letter to the disabled veteran as proof of disability and honorable discharge from service.
Once an individual discovers that they qualify to get tax relief as a disabled veteran they need to contact the IRS office and pick up a form to claim their tax exemption. The required form to be filled is the Claim for Disabled Veterans’ Property Tax Exemption to claim their tax exemption as a disabled veteran. Once the tax exemption is approved, the disabled veteran would be given property tax exemption. The tax exemption available to disabled veterans varies depending on the state in which the tax relief is been filed, where the property is located, the age of the disabled veteran, and the degree of disability.
Various tax exemption available to disabled veterans
- General Tax exemption on Residence homestead which for some States is available to all eligible disabled veterans irrespective of their degree of disability (10%-100% disabled veterans) and their age. However, the amount of exemption available on residence varies depending on the state of residence.
- Disabled Veteran tax exemption which in some states is available to the majority of disabled veterans depending on their degree of disability and for disabled veterans above 65 years of age. The range of this varies depending on the income of the disabled veteran, the degree of disability, and the state of residence.
- Senior Exemption is a tax exemption that is available to disabled veterans above the age of 65 years only. The range of this also varies depending on the state of residence.
However, despite the various tax relief and benefits available to disabled veterans, it is sad to realize that majority do not even know about the provision made available to them by the government. Many disabled veterans do not realize the thousands of dollars that they could save by laying claim on the property tax relief available to them. Many of these men and women have faithfully served the nation while in active service and this tax relief provision is a way of the government to give back to them in appreciation of their efforts for the nation.
Need help claiming your property tax relief for disabled veterans? Give us a call today!
We are a tax relief firm dedicated to giving you the best results regarding resolving your tax debts. Our team of qualified professionals is available round the clock to provide you with the assistance you need to claim your property tax relief for disabled veterans. Contact us now at 888-585-8629 or 617-430-4674 or send us an email at [email protected].
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