The recent passage of House Bill 85 increases the amount of homestead exemption for military veterans who are rated 100 percent disabled from a service-related disability from $25,000 to $50,000, according to the Madison County Auditor’s Office.
It also exempts disabled veterans from the income means testing, regardless of age, Auditor Jennifer Hunter stated in a press release.
The bill is designed to add all disabled veterans to the list of individuals who may apply for the homestead-tax exemption, as well as increase their deduction from $25,000 to $50,000. This means a disabled veteran who qualifies would only have to pay taxes on $100,000 of a home valued at $150,000.
To receive the increased exemption under the bill, a homeowner must be a veteran of the United States armed forces, reserves, or National Guard who was honorably discharged with a service-connected total and permanent disability certified by the United States Department of Veterans Affairs or other federal agency. When applying for the exemption, the veteran must provide written confirmation of the disability from the federal government.
Deadline for receipt of applications under this new law has been extended to the first Monday in September.
Any disabled veteran currently on the homestead exemption needs to complete a new application to receive the new expanded exemption.
For more information, contact the Madison County Auditor’s office at 740-852-9717.
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