Ignite FB Tracking PixelProperty tax exemption & other ways veterans with disabilities can save - Maggie Reed
Ixl Real Estate-Eastern Shore
Maggie Reed, Ixl Real Estate-Eastern ShorePhone: (423) 227-7444
Email: [email protected]

Property tax exemption & other ways veterans with disabilities can save

by Maggie Reed 01/19/2022

Home ownership comes with plenty of expenses beyond a mortgage. If you're a veteran with disabilities, you may be able to avoid some common costs of owning a home, including paying property taxes. Here is a guide to some of the ways veterans with disabilities can save on their home ownership tax expenses:

Property tax exemption

Property taxes make up some of the largest expenses homeowners face throughout the life of the home. Usually paid annually, property taxes vary depending on where you live. However, the tax amount is based on factors like the size of the property, livable square footage and major upgrades like swimming pools.

The good news for veterans with qualified disabilities is many states offer property tax breaks and even full exemptions. To find out if you're eligible for this benefit, seek out local government resources or consult a list of participating states online.

Home modification credits

Another way veterans with disabilities can save on home ownership and taxes is with home modification credits. If you make certain improvements or add specific home features to help accommodate your disability, you may be able to claim these expenses as a medical deduction when filing your tax return. Eligible upgrades would include things like wheelchair ramps, widening doorways, chair lifts and any other features meant to improve accessibility at home.

Care expense credits

Married veterans can be eligible for the Child and Dependent Care Credit if they've hired additional care services due to disability. The amount of the credit depends on the amount you spend on care during the tax year as well as combined income levels. Due to recent changes, this credit is also completely refundable, which means you can receive money back even if you don't owe any other taxes.

These are all ways veterans with disabilities can save on the ongoing expenses of owning a home. To find out if you're eligible for any of the above benefits, consult a tax professional.

About the Author
Author

Maggie Reed

 I am a realtor here in Baldwin County, Alabama that services the Eastern Shore down to the beautiful white sandy beaches.  I have always had a passion for helping people. I started off as a Pediatric ICU nurse until I had my own children and decided to make a career change back into real estate where I can continue to be involved with the community and helping people sell or buy their homes.  I love my job and my goal is to make this experience as fun and stress free as possible.