A Veterans’ Tax-Savings Benefit

A Veterans’ Tax-Savings Benefit

As we prepare to give thanks later this month, it is also important to remember those that have served our great nation in the military and honor their courage and valor this Veterans Day.

Veterans Day is a federal holiday that serves as a tribute to military veterans who have served in the U.S. Armed Forces. It’s not to be confused with Memorial Day, which honors those who died while in service. Veterans Day honors all military veterans, including those still with us.

As a quick reminder, Veterans Day evolved from Armistice Day, which was proclaimed in 1919 by President Woodrow Wilson, celebrating the signing of the Armistice that ended World War I.  On Nov. 11th, 1918 at 11 a.m., formally recognized the “11th hour, of the 11th day, of the 11th month,” President Wilson signed the Armistice that ended World War I.

In 1954, the holiday was changed to Veterans Day to honor all veterans who served in all conflicts. This honor pays tribute to the tie with WWI because we celebrate Veterans Day the same day every year – Nov. 11 – regardless of the day of the week.

We owe a tremendous debt to our veterans and everyone in the Assessor’s Office says thank you for all that you’ve done, all that you do, and all that you will do. Our Democracy is built on their service.

If you or a loved one served in our military, it is important to remember that the Office of the Assessor has tax savings programs available specifically for veterans and disabled veterans.

Veterans Exemption
If you are a single veteran with assets of less than $5,000, a married veteran with assets of less than $10,000, or an unmarried surviving spouse of an eligible veteran, you may apply for the Veterans’ Exemption of $4,000, which is applied to the assessed value of your property. Although it is unnecessary for the veteran to reside on that property in order to qualify, this exemption claim must be filed every year.

Disabled Veterans Exemption
If you are a disabled veteran the exemption is even greater. If a veteran is blind in both eyes, has lost the use of two or more limbs, or is totally disabled as a result of injury or disease incurred in military service, you may be eligible for a Disabled Veterans’ Property Tax Exemption. You may be eligible for an exemption of up to $150,000 of the assessed value of your home.  The Veterans Administration must certify the veteran’s disability. Unmarried surviving spouses of certain deceased veterans may also qualify.

The office of the Assessor offers other several tax-savings programs as well and the Veterans Exemptions are just two examples. For additional property tax relief programs, visit  https://assessor.lacounty.gov/ or call (213) 974-3211.

( Los Angeles County Office of the Assessor)

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