Veterans Day, November 11, is a time to honor our military service members for the sacrifices they have made for the United States.
This year, voters in Virginia and New Mexico honored Vets in a new way, approving tax measures on the ballot that expand property tax exemption amounts and eligibility for Veterans and their families.
The relief from property taxes comes just in time, too.
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A recent report shows that the median U.S. home price has soared over $420,000, with property tax revenue rising almost 21% nationwide in the last three years.
We’ll cover what Veterans and their families can expect from the new laws and ways others can help this Veterans Day.
Virginia property tax bill for Veterans
On election day, (November 5, 2024) Virginia approved expanded property tax relief for surviving spouses of Veterans. Here is what this new law will do:
- The previous Veteran property tax exemption was only for spouses whose military loved ones were “killed in action.”
- This meant that if a Veteran died in another manner, like a helicopter crash, the surviving spouse would not get the property tax exemption.
- Under the new law, surviving spouses will qualify if their loved ones “died in the line of duty.”
The new law takes effect on January 1, 2025.
According to a nonprofit research organization, Pew Charitable Trusts, restrictive zoning has contributed to a shortage of 105,000 houses in Virginia. This raises prices for renters and homeowners amid a nationwide housing crisis.
But the Commonwealth isn’t alone in providing expanded property tax relief to Veterans and their families.
Voters in New Mexico passed two similar amendments.
New Mexico Veteran property tax exemption
On the November ballot, New Mexico voters approved:
- Increasing the Veteran property tax exemption from $4,000 to $10,000 and creating a provision to adjust the amount annually for inflation. This measure will go into effect next year, in 2025.
- Extending the disabled Veteran property tax exemption to all disabled Veterans (including widows or widowers) in proportion to the federal disability rating.
Under prior law, disabilities that didn’t meet the highest disability level received no property tax relief, which may have included (depending on the severity):
- Epilepsy or scarring
- Psychiatric disorders like depression and anxiety
- Diabetes, blood diseases, or back pain
Veterans facing these challenges may now qualify for property tax relief in the Copper State.
However, there may still be challenges. While New Mexico property taxes are historically low compared to other states, the median detached house price has nearly doubled in the last decade, according to the Greater Albuquerque Association of Realtors. If prices keep rising, this could preclude Veterans from taking the full property tax exemption.
Veterans Day celebration
Veterans Day can be a time for commemoration as well as celebration. Here are some ways to show support.
- Donate to or volunteer with a Veteran organization, like the Wounded Warrior Project, Vietnam Veterans of America, or Disabled American Veterans.
- Organize a care-package packing party for Veterans through an organizer like Operation Gratitude.
- Visit a Veteran's hospital to express gratitude in person by setting up an appointment with staff through the Veterans Affairs website.
- Shop Veteran-owned businesses. You can find a current listing here.
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