VA Disability Dependency & Indemnity Compensation Benefits: Exempt
SPB/SSPB/RCSBP: Exempt
Property Tax
Local municipalities average 1.49% of the property's assessed value.
Calculation of assessed value: 100% of fair market value, but can't increase more than 3% annually; assessed every odd-numbered year.
Relief programs for:
Owner-Occupied: May be eligible for reduction of $4,850 of assessed value.
Veterans: Exemption of up to $4,000 if meet certain requirements.
65 and Over or Disabled: May be eligible for tax credit of up to $1,000 if income is less than $24,354. Relief also available for renters.
70 and Over: Up to a $1,000 credit based on income requirements.
Disabled Veterans/Surviving Spouses: May be eligible for 100% exemption if 100% service-related disability.
Personal Property Tax: Yes. Rates and exemptions vary.
Inheritance & Estate Taxes: An inheritance tax of 2% to 6% is imposed on estates over $25,000, but most family members are exempt. Will be phased out entirely by 2025. There is no estate tax.
Premium and Life members can consult our financial staff for education and consumer advice.
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