Property Taxes - Disabled Veterans in Arizona
Prop130: Voters Approve Property Tax Exemptions For Disabled Vets
Arizona voters have approved Proposition 130, meaning property tax exemptions will be restored for Veterans with disabilities in Arizona. This might sound odd, but for over three decades this was not the case. Back in 1989, the Arizona Court of Appeals held that the Veteran exemption was unconstitutional because it only applied to Veterans who were Arizona residents before entering the armed services. So this new legislation has been a long time coming to help disabled Veterans in Arizona with some type of tax exemption.
According to the Arizona Department of Veterans’ Services, there is over an estimated 110,000 veterans with partial disabilities in Arizona. The exemption will apply to veterans with disabilities whether or not a disability is related to military service. A big win!
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SO DO ALL VETERANS QUALIFY FOR THE PROPERTY TAX EXEMPTION?
Good question. The change would no longer be predicated on when a Veteran became an Arizona resident, which was part of the original court appeal. With that said, not all disabled Veterans in Arizona will benefit from this new property tax exemption. Here is why: the Veteran’s income and the value of their homes would need to fall below certain thresholds to qualify.
Under Prop 130, the new legislation would apply to all disabled Veterans making less than $34,301 a year, or up to $41,151 if minor children or children with total permanent disabilities live in the household. The Veteran’s home could not have a limited property value exceeding $279,700.
Of the estimated 110,000 Arizona Veterans with disability ratings between 10% and 90%, State legislative analysts estimate that 84,524 own the homes they live in. Of those, an estimated 65,929 fall under the maximum income threshold. And an estimated 80% of those vets, or 52,743, own homes that do not exceed the limited property value cap.
How Do I Get Started or What Should I Do?
In closing, I would suggest that you contact the County Assessors Office to get additional information and any forms that might need to be filled out. Because Arizona residents pay property taxes in the arrears, I would think there would be a cut off time to apply for the tax exemption for the upcoming year. Again, reach out to the County Assessor (Click on County Chart Below) for direct link to Assessor’s website if you think you might qualify for this property tax exemption.
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As you can see, this increase is huge and much needed. This is also very helpful for those looking to purchase with their VA home loan benefit, or another type of financing. #disableveteransArizona, #VALoans, #thevaloangeek, #disabledveterans, #
So let us hear from you! Remember….it doesn’t cost a penny to talk…so call us right now and we will answer all your questions! (520) 303-5620
Joseph Small and team at Guild Mortgage Company –the VA Home Loan Experts! – are your trusted source for all your VA home loans needs. Proudly serving Arizona and California.
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The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Patriot Pacific Financial Corp or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction