Veteran's taxes (Old Town: buy, exemption, live)

[Submariner]

It does seem like Maine has a high percentage of vets.

[steveusaf]

I know Mass doesn't tax military retirement pension income, but the downside to that is you have to live in Mass - yuck. It's amazing such a liberal state has such a generous policy for military retirees....

[Submariner]

Originally Posted by steveusaf

I know Mass doesn't tax military retirement pension income, but the downside to that is you have to live in Mass - yuck. It's amazing such a liberal state has such a generous policy for military retirees....

I am rather torn on that statement.

One state says: "We don't tax military pensions". which does sound nice.

Yet another state has it's standard deduction and exemptions set high enough that no military pension is large enough to be taxed. So they don't tax military pensions either.

Which is better?

Hamburger / cheeseburger?

To-mAto / To-mato

[PatEriEmm]

Please ellaborate on the Maine issue governing military retirement taxing. Thanks

[Submariner]

Originally Posted by PatEriEmm

Please ellaborate on the Maine issue governing military retirement taxing. Thanks

Okay, mmm, looking at this thread, I thought the topic was pretty well covered.

Are you over 62 and looking at a reduction in property taxes?

Or a pensioner looking at whether your pension would be taxed?

[Zymer]

Originally Posted by JC3

I agree!
After Northern Maine Land Man did the math, it sure didn't look too good. The sound of 6K off your total sounded good but when broken down to what it actually amounts to, really isn't very much.

Don't forget to look at the percentage that the dollar figure represents. The lower the valuation of your property, the larger the effect of the reduction.

You can also take advantage of the "homestead" exemption for a further reduction in actual tax paid, as well as other possible exemptions.

[Kiwiluver]

Originally Posted by JC3

I agree!
After Northern Maine Land Man did the math, it sure didn't look too good. The sound of 6K off your total sounded good but when broken down to what it actually amounts to, really isn't very much. It is sad that states don't do a little more to recognize Veterans other than token gestures or fancy words. Some do a better job than others in the recognition factor but like a lot of other things...praise when you need or want them there..forget them when they served the purpose.

First off I want to thank each one of you for your service too our nation. You didn't run, you stepped up to the task at hand and did your duty like a true patriot. The above is all to sad, but true. God bless every last one of you. If it was within my power you would never pay ANY tax, you gave at the office.

[Submariner]

Originally Posted by Kiwiluver

First off I want to thank each one of you for your service too our nation. You didn't run, you stepped up to the task at hand and did your duty like a true patriot. The above is all to sad, but true. God bless every last one of you. If it was within my power you would never pay ANY tax, you gave at the office.

Your sweet

If you ever run for an office you have my vote.

[Kiwiluver]

Not sweet, just a vet that knows how we got the short end. I would never hold public office . Thanks anyway!

[JC3]

Boy, I forgot I even asked the question back in Feb. lol!

Where I lived in NH, and each town varies, a Vet got a $300 exemption off his property tax. Some other towns gave $500 that I know of. If you were rated as 100% disabled you received another $700 which in my town would make you eligible for a $1000 off your tax bill. That is off the bill, not off the appraised value of the property.

If I do the math correctly, you may be eligible to get around $90 off your tax bill if you are rated at 100% in Maine.

I also know someone in Mass who as 100% disabled receives a $1000 every 6 months from the state. That is a check each 6 months.

It is strange how different states handle things like this.