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Disabled Veterans to Get Property Tax Breaks

Disabled Veterans to Get Property Tax Breaks

Disabled Veterans are receiving much needed tax breaks. Visit the article below to find out more. #Veterans

 

Disabled Veterans to Get Property Tax Breaks

 

Disabled veterans and unremarried surviving spouses of disabled veterans will get up to a $7,500 property tax exemption next year on their homes.

House Bill 1165, which passed during the 2014 Legislature, says after January 1, 2015, qualified homeowners and unremarried surviving spouses of such homeowners shall be allowed an exemption from all ad valorem taxes on the assessed value of the homestead property.

Mississippi Department of Revenue spokeswoman Kathy Waterbury said disabled veterans or the spouses who qualify should check with their county tax assessor and make sure that they meet the application requirements for that county so that they can get full benefit of the new exemption.

“The estimate for the tax loss for the local governments is $1 million,” Waterbury said.

Money Powell Jr., a Jackson disabled veteran, said he has called the Hinds County Tax Assessor’s office to try to get information on how the tax break will work and what he needs to do to qualify.

Hinds County Tax Assessor Charles Stokes is reminding all homeowners that he period to accept Homestead Exemption appplications is Jan. 1, 2015 through April 1, 2015.

Stokes said House Bill 1165 gives honorably discharged disabled veterans a total exemption on all ad valorem taxes. The exemption will now extend to a surviving spouse of a deceased disabled veteran as long as the spouse has remarried.

“I encourage all veterans who meet the requirements of the new law to take advantage of this well deserved tax break,” Stokes said.

Waterbury said disabled persons already have the same exemption as persons over 65 years of age— so disabled veterans should already be utilizing that exemption. Surviving spouses’ of disabled veterans will now get to apply for the exemption. Under current law they lost the disabled exemption when the disabled veteran passed away.

A veteran under the age of 65 and not totally disabled will still be able to claim an exemption for a portion of their taxes.

To qualify for a tax exemption based on a disability, a homeowner must present proper proof of any of the following:

A service-connected, total disability as an American veteran who has been honorably discharged from military service.

Classification as totally disabled under the federal Social Security Act, the Railroad Retirement Act or any other federal act approved by the Department of Revenue.

The exemptions claimed in the 2015 calendar year for which reimbursement is made in the 2016 calendar year and to exemptions claimed for which reimbursement is made in subsequent years.

State Rep. Greg Snowden, R-Meridian, who authored the bill; said the veterans and their surviving spouses have earned the tax break for their service and sacrifice.

“I urge them to talk to their local assessor and sign up for the exemption,” Snowden said.

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