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I am in the process of getting my first house which is in the Hamden area. Does anyone know how veterans property tax exemptions work? I found out that in Connecticut there is a $1500 exemption for property tax purposes but how exactly does it work? My taxes, unfortunately, are going to be $4900 a year. I take it the government isnt that nice to veterans and is giving me $1500 off my property taxes is it? Thatd be great but I get the feeling, being the negative thinker I can be at times and my displeasure for our government, this exemption isnt really going to help in the long run.
Could someone explain it to me? Also, is anyone aware of any other breaks you can get with taxes and what not when you have a home? I only ask because im aware that they arent exactly going to go out of there way to tell you about them, you sort of have to find them on your own or have someone tell you about it.
Thanks
If you have never owned a home before, there are several Federal income tax deductions you are eligible for. It does involve submitting a Schedule A form with your basic Form 1040. See http://www.irs.gov/pub/irs-pdf/f1040sa.pdf
For instance: Taxes You Paid
5 State and local
(check only one box):
a Income taxes,
or
b General sales taxes
6 Real estate taxes (see instructions)
7 Personal property taxes( ie city auto tax)
Interest You Paid
Note.
Your mortgage interest deduction may be limited (see instructions).
10 Home mortgage interest and points reported to you on Form 1098
13 Mortgage insurance premiums (see instructions)
Itemized deductions are taken instead of the Standard deductions. In addition, there are other deductions that may apply assuming your Itemized deductions may now exceed your Standard deduction. Job expenses, Gifts to charity, etc.
Hey guys check this out...... Connecticut is the most expensive state Right.... Specially we paying this expensive property tax.... SO WE DESERVE TO HAVE THE BEST VETERAN PROPERTY TAX PROGRAM.... I think we need to some thing about this..... check out this Article.........
[SIZE=3][/SIZE] Full List of Property TaxExemptions By State
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by Kimberly DuncanPublished:August 23, 2013 16 Comments
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Michigan Sen.Glenn Anderson didn’t draft Senate Bill 104 overnight, just as Virginia StateSenate Bill 540 wasn’t passed in a day.
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Nationwide,legislation to lessen the financial strain on qualified disabled veterans stemsfrom a six-year effort to reduce or fully eliminate property tax liability andnow, more than half of the states in the U.S. offer some sort ofexemption.
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“If you’re adisabled veteran, in almost every single jurisdiction, you can petition yourlocal taxing authority and you can have all of your local real estate taxeswaived. Some cases, they require it’s a one-time waiver; some cases, it’s anannual waiver,” said Mike Frueh, National Director of the VA Home Loanprogram. “That’s a fantastic benefit.”
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And thatbenefit could save you thousands.
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Property taxexemptions are one more step toward honoring our country’s most deserving.
[SIZE=3][/SIZE] Property Tax Exemption
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California, forinstance, offers a Disabled Veterans’ Exemption for these veterans to reduceor eliminate their property tax liability. As long as the property is theveteran’s primary place of residence, the full value of the residence does notexceed $150,000, and total household income does not exceed $40,000, a 100percent disabled veteran can claim a full property tax exemption.
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Likewise, Texasoffers full exemptions for veterans with a disability rating of 100 percent,but also offers tax discounts for ratings below the maximum. For instance, a 10to 30 percent disability rating qualifies for a $5,000 deduction, while a 50 to70 percent rating qualifies for a $10,000 deduction.
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However, theserates and conditions can vary by area just as they do by state, so veterans areurged to contact their local municipal tax assessors office for furtherinformation. Veterans may also refer to the table found at the end of thearticle.
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[SIZE=3][/SIZE] Do You Understand Your Benefits?
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Unfortunately,many veterans, disabled and able alike, are often unaware of the plentiful benefits available tothem. McClatchy-Tribune News reports the VA’s 2010 National Survey of Veterans, which includes avariety of questions about coverage as well as understanding of the VA benefitspackage, found 59 percent of respondents said “their understanding of availablebenefits was ‘a little’ or ‘not at all.’”
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The GovernmentAccountability Office suggests complexity as a possible factor, while othersblame a disconnect in communication between the Department of Veterans Affairsand administering localities. Regardless, U.S. Senator Charles Schumer notes property exemptions inparticular as crucial benefits that allow veterans to “afford a home and livestable civilian lives.”
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“Despite recentaffordability, a lot of occupations you find veterans working in don’t payenough to afford a home,” Jeffrey Lubell, Center for Housing Policy’s executivedirector, said. Especially when it comes to more disabled veteranswho are unable to work altogether, the need for policy change is even greater.
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“If vets can’tafford decent housing, we’ve really missed the boat,” Lubell said.
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[SIZE=3] Minimum Disability Requirement [/SIZE]
Alabama
A disabled veteran in Alabama may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service and has a net annual income of $12,000 or less.
Alaska
A disabled veteran in Alaska may receive a property tax exemption of up to the first $150,000 of the assessed value of his/her primary residence if the veteran is 50 percent or more disabled as a result of service. Arizona
A disabled veteran in Arizona may receive a property tax exemption of $3,000 on his/her primary residence if the total assessed value does not exceed $10,000. Arkansas
A disabled veteran in Arkansas may receive a full property tax exemption on his/her primary residence if the veteran is blind in one or both eyes, lost the use of one or more limbs or is 100 percent disabled as a result of service. California
A disabled veteran in California may receive a full property tax exemption on his/her primary residence if the full value does not exceed $150,000, household income does not exceed $40,000 and the veteran is blind in both eyes, lost the use of two or more limbs or is 100 percent disabled as a result of service.
Colorado
A disabled veteran in Colorado may receive a property tax exemption of 50 percent of the first $200,000 of the actual value of his/her primary residence if the veteran is 100 percent disabled. Connecticut
A disabled veteran in Connecticut may receive a property tax exemption on his/her primary residence of $1,500 if 10-25 percent disabled and $3,000 if 75-100 percent disabled. In addition, a veteran that is blind in both eyes or lost the use of two or more limbs as a result of service is eligible for a $10,000 exemption. Veterans that lost the use of one limb receive a $5,000 exemption. Delaware
There are currently no state-mandated property tax exemptions for disabled veterans in Delaware. Florida
A disabled veteran in Florida may receive a property tax exemption of $5,000 on any property he/she owns if 10 percent or more disabled and a full exemption if 100 percent disabled as a result of service. Georgia
A disabled veteran in Georgia may receive a property tax exemption of $60,000 or more on his/her primary residence, depending on a fluctuating index rate set by the U.S. Secretary of Veterans Affairs.
Hawaii
A disabled veteran in Hawaii may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. Idaho
A disabled veteran in Idaho may receive a property tax exemption on his/her primary residence if the veteran is 10 percent or more disabled as a result of service. The exemption amount is determined based on income. Illinois
A disabled veteran in Illinois may receive a property tax exemption of up to $70,000 of the assessed value of his/her primary residence. Eligibility is determined by the Illinois Department of Veterans Affairs. Indiana
A disabled veteran in Indiana may receive a property tax exemption of up to $37,440 on his/her primary residence if the veteran is 100 percent disabled or is 62 years old or older with at least a 10 percent disability as a result of service. Iowa
A veteran in Iowa may receive a property tax exemption of $1,850 on his/her primary residence if the veteran served on active duty during a period of war or for a minimum of 18 months during peacetime. Kansas
A disabled veteran in Kansas may receive a property tax exemption on his/her primary residence if the veteran is 50 percent or more disabled as a result of service. The exemption amount is determined based on income. Kentucky
A disabled veteran in Kentucky may receive a property tax exemption of up to $36,000 on his/her primary residence if the veteran is 100 percent disabled as a result of service. Louisiana
A disabled veteran in Louisiana may receive a property tax exemption of up to the first $150,000 of the assessed value of his/her primary residence if the veteran is 100 percent disabled as a result of service. Maine
A disabled veteran in Maine may receive a property tax exemption of up to $7,000 on his/her primary residence if the veteran is 62 years or older or is 100 percent disabled. Maryland
A disabled veteran in Maryland may receive a property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. The exemption amount is determined by the Maryland Department of Veterans Affairs. Massachusetts
A disabled veteran in Massachusetts may receive a property tax exemption on his/her primary residence of $400 if 10 percent disabled, $750 the veteran lost the use of one hand, one foot or one eye, $1,250 if the veteran lost the use of both hands, both feet or a combination of the two, or if the veteran is blind in both eyes as a result of service. A veteran may receive a $1,000 exemption if 100 percent disabled as a result of service. Michigan
A disabled veteran in Michigan may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. Minnesota
A disabled veteran in Minnesota may receive a property tax exemption of up to $300,000 on his/her primary residence if the veteran is 100 percent disabled as result of service. Veterans with a disability rating of 70 percent or more may receive an exemption of up to $150,000. Mississippi
A disabled veteran in Mississippi may receive a property tax exemption on his/her primary residence if the assessed value is $7,500 or less and the veteran is 100 percent disabled as a result of service. Missouri
There are currently no state-mandated property tax exemptions for disabled veterans in Missouri. Montana
A disabled veteran in Montana may receive a property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. The exemption amount varies based on income and marital status, as determined by the Montana Department of Revenue. Nebraska
A disabled veteran in Nebraska may receive a property tax exemption on his/her primary residence if the veteran has lost the use of two or more limbs or has suffered severe eyesight loss as a result of service. Exemptions are approved by the respective country’s assessor on a case-by-case basis. Nevada
A disabled veteran in Nevada may receive a property tax exemption of up to $20,000 of the assessed value of his/her primary residence if the veteran is 60 percent or more disabled as a result of service. New Hampshire
A disabled veteran in New Hampshire may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled, has lost two or more limbs or is blind in both eyes as a result of service. New Jersey
A disabled veteran in New Jersey may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. New Mexico
A disabled veteran in New Mexico may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. New York
A disabled veteran in New York may receive a property tax exemption on his/her primary residence. The exemption amount varies based on type of service and disability, as determined by the New York State Division of Veterans Affairs. North Carolina
A disabled veteran in North Carolina may receive a property tax exemption of up to the first $45,000 of the appraised value of his/her primary residence if the veteran is 100 percent disabled as a result of service. North Dakota
A disabled veteran in North Dakota may receive a property tax exemption of up to the first $150,000 on his/her primary residence if the veteran is 50 percent or more disabled as a result of service. Ohio
A disabled veteran in Ohio may receive a property tax exemption of $25,000 on his/her primary residence if the veteran is 100 percent disabled as a result of service. Oklahoma
A disabled veteran in Oklahoma may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. Oregon
A disabled veteran in Oregon may receive a property tax exemption on his/her primary residence if the veteran is 40 percent or more disabled as a result of service. The exemption amount varies annually according to income. Pennsylvania
A disabled veteran in Pennsylvania may receive a property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. The exemption amount varies. Rhode Island
There are currently no state-mandated property tax exemptions for disabled veterans in Rhode Island. South Carolina
A disabled veteran in South Carolina may receive a property tax exemption of up to the first $50,000 of his/her primary residence if the veteran is 100 percent disabled as a result of service. South Dakota
A disabled veteran in South Dakota may receive a property tax exemption of up to $100,000 of his/her primary residence if the veteran is 100 percent disabled as a result of service. Tennessee
A disabled veteran in Tennessee may receive a property tax exemption of up to the first $175,000 of his/her primary residence if the veteran is 100 percent disabled, has lost the use of two or more limbs or is blind in both eyes as a result of service. Texas
A disabled veteran in Texas may receive a property tax exemption of up to $12,000 on his/her primary residence, depending on the severity of the disability incurred as a result of service. A full property tax exemption is available for veterans who are 100 percent disabled as a result of service. Utah
A disabled veteran in Utah may receive a property tax exemption on his/her primary residence if the veteran is 10 percent or more disabled as a result of service. A veteran that is 100 percent disabled may receive an exemption of $244,064. A veteran that is 50 percent disabled may receive an exemption of $122,032, while a veteran that is 10 percent disabled may receive an exemption of $24,406. Vermont
A disabled veteran in Vermont may receive a property tax exemption of at least $10,000 on his/her primary residence if the veteran is 50 percent or more disabled as a result of service. The exemption amount varies by city.
Virginia
A disabled veteran in Virginia may receive a full property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. Washington
A disabled veteran in Washington may receive a property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. The exemption amount is based on income, as determined by the Washington State Department of Veterans Affairs. West Virginia
A 100 percent disabled veteran or any veteran over the age of 65 is exempted from paying the taxes on the first $20,000 of assessed value on a self-occupied property. Wisconsin
A disabled veteran in Wisconsin may receive a property tax exemption on his/her primary residence if the veteran is 100 percent disabled as a result of service. The exemption amount varies. Wyoming
A disabled veteran in Wyoming may receive a property tax exemption of $3,000 of the assessed value of his/her primary residence if the veteran was disabled as a result of service.
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It does involve submitting a Schedule A form with your basic Form 1040. See
