Exemptions for Disabled Veterans
Disabled veterans have a couple exemptions that really help with the cost of their homes.
Funding Fee Exemption
Veterans and active duty buyers who receive compensation for a service-connected disability, or are rated eligible to receive disability compensation as a result of a pre-discharge exam, are exempt from paying the funding fee. Military members who are entitled to receive disability compensation are also exempt.
Exemptions for the funding fee will typically be noted on your Certificate of Eligibility (COE).
Property Tax Exemptions
Many states offer exemptions solely for disabled veterans. California, for instance, allows qualified disabled veterans to receive a property tax exemption on the first $196,262 of their primary residence if their total household income does not exceed $40,000 and the veteran is 100 percent disabled as a result of service.
Exemption amounts, rates and conditions can vary by county or city just as they do by state. Be sure to reach out your local municipal tax assessor’s office for further information.
If you have questions about VA loans or exemptions reach out to us at (916)358-9130 or email email@example.com.