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
Marsha Charles
Consistent top listing and selling agent receiving Chairman's Club award for superior sales achievement almost every year while associated with Preferred Properties, Inc. Consistently receive the International Presidents Premier award for sales volume since joining Coldwell Banker Realty and ranked in the top 1% of agents in Connecticut and Westchester County. In 2021 I received the International Society of Excellence award for sales volume in excess of $100,000,000. I have been named a Top Five Sales Agent for customer satisfaction since 2010 (longer than any other agent in Connecticut) and listed in Connecticut Magazine. Named one of the Top Agents in Connecticut by Real Trends since 2018.
I work with sellers and buyers and also have a strong understanding to needs of those who are relocating . Background and experience in advertising, public relations and photography offer creative and innovative marketing plans for sellers.
Realtor designations include: Graduate Real Estate Institute, Certified Residential Specialist, Certified Residential Marketing Specialist, and Pricing Strategy Advisor. Served as President of New Canaan Board of Realtors (two terms), Director (three terms) and currently serve on Professional Standards Committee. Named Realtor of the year by the New Canaan Board of Realtors in 1994and again in 2022.
Married and mother of other of four children who attended and graduated from the New Canaan School System, Member of New Canaan, Darien, Greenwich and Statewide MLS systems. Areas covered include New Canaan, Darien, Greenwich, Rowayton, Norwalk, Wilton and all of lower Fairfield County.
