Veterans Day, November 11, isn't the only time we can honor our military service members for the sacrifices they have made for the United States.
But 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.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
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 spouses can expect from the new laws and ways others can help our military families this holiday season.
Virginia property tax bill for Veterans
An estimated 93% of Virginia voters 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.
- 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. Once officially certified, both the disability amendment and the amount adjustment are expected to go into effect next year, in 2025.
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.
Shop Black Friday at businesses supporting Veterans
You can take some time to support Veterans this holiday season. Hundreds of U.S. businesses are Veteran-owned or support military service members, including:
- Soledier Socks, where every purchase donates a pair of socks to a Veteran or military service member.
- Mutt's Sauce, founded by an Air Force Veteran, serves a variety of sauces for your cooking needs.
- Military Made curates a selection of Veteran-made products and gifts.
- Doc Spartan, a Veteran-owned skin and personal care vendor that helps those struggling with addiction.
You can find a complete listing of Veteran-owned businesses in your state here.
Honoring Veterans, military spouses, families, and our troops
While Veterans Day and Black Friday can be times to celebrate our Veterans, you can show your support year-round. Here are some additional ways to appreciate our troops:
- 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.
Related Content
-
Stock Market Today: Trump Retreats, Markets RejoiceStocks rally, yields soften, the dollar rises, and even beaten-down names enjoy the wages of potential trade peace.
-
In Trump’s Economy Should 401(k) Savers 'Set It and Forget It?'It’s hard to bury your head in the sand when the markets are volatile. Here’s when it makes sense and when it doesn’t.
-
Ten Cheapest Places To Live in FloridaProperty Tax Make your Florida vacation spot daily living — these counties have the lowest property tax bills in the state.
-
Trump’s Tax Cut Risks Your SNAP, Medicaid BenefitsTax Cuts The GOP budget blueprint could slash lifesaving programs for millions of U.S. households.
-
Missed Tax Day? Nearly One Million Taxpayers Still Can File and Claim Valuable Tax RefundsTax Refunds As many as one million taxpayers could be missing out on a significant tax refund.
-
How Many IRS Commissioners Have We Gone Through This Year?IRS Who were the former IRS commissioners, and why did they resign? Find out how IRS turnover can impact your taxes.
-
Which Generation Pays the Most Tax in the US?Tax Burden Polls show that most people feel like taxes are unfair. But which age group bears the brunt of the tax burden in the United States?
-
How the Trump Harvard IRS Tax Threat Could Impact YouTax Law Trump's latest higher education showdown raises fundamental questions that could reach beyond Harvard's nonprofit tax status.
-
Tax Day 2025: Don’t Miss These Freebies, Food Deals and DiscountsTax Day You can score some sweet deals on April 15 in some select restaurants like Burger King, Shake Shack, and more.
-
Tax Time: Does Your Kid Influencer Owe Taxes?State Tax Some minors are making big money on social media. Here’s how to know if they need to file taxes.
