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I know it works for spouses, but I suggest you call your local Town and ask the rhetorical question: when two siblings own a house and one is a veteran, is it possible to qualify for the veteran's exemption?
To put him on the deed, you will need to hire an attorney. However, by putting him on the deed, you're effectively giving him a gift (the value of the share you're giving him, i.e. 10%, 50%, etc.) which most likely will require you to file a gift tax return (no tax due at this time, just the return). Unless he pays you for a share of the house.
A lot more to think about than "cashing in" on a possibly small reduction in your RE tax bill.
Also, if you ever want to sell your house, you will need his consent, since he would be co-owner. If he were to marry (or is married), that adds another dimension entirely!! Not something to rush into IMHO.
Practically speaking he would need the brother's consent, but in this hypothetical they would probably own as tenants in common, and he would be able to sell his ownership interest in the house without the brother's consent - could create a pretty strange situation! He would also have the option of commencing an action in partition, which would likely result in an auction where the proceeds would be split per their respective ownership interests (minus attorneys' fees, fees to the referee for selling the house).
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