What are the Tax Exemptions on Real Property owned by Veterans?
The eligible funds veterans’ real property tax exemption provides a partial exemption where property owned by a veteran has been purchased with pension, bonus, or insurance monies. Another exemption, known as the alternative veterans’ exemption is available only for residential property of war veterans. Each county, city, town and village decides on the amount of maximum exemption. The alternative exemption provides a property tax exemption of 15% of assessed value to veterans who served during wartime and an additional 10% to those who served in a combat zone. The law also provides an additional exemption to disabled veterans equal to one half of their service-connected disability rating. The alternative exemption also is only for general municipal taxes and not to school taxes or special district levies. This is not an automatic exemption. The veteran or his widow must file an application with the assessor. They must provide a discharge or release from the U.S. Armed Forces under hon
