There were 1,706 press releases posted in the last 24 hours and 454,822 in the last 365 days.

Veterans Homestead Deduction Starts October 1, 2022

Effective October 1, 2022, residential real property owned by a veteran who has been classified by the United States Department of Veterans Affairs as having a total and permanent disability as a result of a service-incurred or service-aggravated condition or is paid at the 100% disability rating level as a result of unemployability, is eligible for reduction in assessed value of $445,000, provided that:

  • The property must be occupied by the disabled veteran and contain no more than five dwelling units (including the unit occupied by the owner);
  • The property must be the principal residence of the disabled veteran;
  • The disabled veteran must have at least 50% ownership of the property as shown by deed;
  • The disabled veteran must be domiciled in the District; and
  • Total household income cannot exceed the limit applicable to Senior/Disabled Tax Relief, currently $139,900 for TY 2022.

If a properly completed and approved application is filed from October 1 to March 31, the property will receive the Veterans Homestead Deduction for the entire tax year (and for subsequent tax years, provided that the property continues to qualify).

If a properly completed and approved application is filed from April 1 to September 30, the property will receive one-half of the deduction reflected on the second-half tax bill (and for subsequent tax years, provided that the property continues to qualify).

Properties receiving the Disabled Veterans’ Homestead Deduction are not eligible for the Senior Citizen/Disabled Tax Relief or tax cap credit.

Cooperative properties are not eligible for this deduction.

For application submission, please contact the Mayor’s Office of Veterans Affairs at [email protected] or (202) 724-5454.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.