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If you’re a disabled veteran or homeowner, you may be looking for some tax relief – perhaps even a property tax exemption.

Well, you’re in luck!

Did you know that most states offer some sort of property tax exemption for disabled homeowners?

This can reduce your annual tax burden significantly and allow you to free up funds for other purposes.

Here’s what you need to know about taking advantage of this property tax exemption.

Disclaimer: we are not lawyers, accountants or financial advisors and the information in this video is for informational purposes only. This video is based on our own research and experience and, while we do our best to keep it accurate and up-to-date, but it may contain errors. Please be sure to consult a legal or financial professional before making any investment or purchasing decisions.
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Video Transcript:
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Hi guys this is Erika from Gokce Capital. Now before I begin, be sure to click subscribe and turn on the notification bell. Joseph Lombardi doesn't pay taxes on his home.

This is surprising because Lombardi is no longer living. So how does he qualify for a tax exemption? Well find out at the end of this video but first, if you are disabled you should check whether your state has a property tax exemption for you.

In today's video, we have the top things you need to know. Number one what is the disability tax exemption? A disability tax exemption is an exemption for disabled individuals that helps to reduce their property tax burden.

It essentially lowers a home's taxable value which decreases the annual taxes the homeowner owes. Number two, how do I apply for a disability tax exemption? It is important to know that there is no single federal disability property tax break.

Instead, all tax exemptions are at the state and local levels. Thus we recommend you call your local county or City tax assessor to see if they have a disability tax exemption and if so, how you can apply. Number three to qualify for a disability tax exemption, you will almost always have to prove you are disabled. So how do you do this?

Again every jurisdiction will have a slightly different process but you can typically prove you have a disability. Use your social security administration award letter or by providing proof of disability statement signed by your doctor. Number four, if I receive a disability tax exemption will I have to pay back the exempt tax late?

No. If you legitimately are disabled and you receive a property tax exemption for this reason, you will not need to pay back the exempt taxes later. The number five. I receive a disability tax exemption, will a lien be placed on my property? No, because the property tax exemption is designed to lower your property taxes.

There will not be a lien placed on your property because you are paying a lower amount of taxes than you would otherwise owe. Number six, will the exemption apply to my entire tax bill? The answer to this question depends on your state's rules.

In some states if you qualify for a disability tax exemption you will owe zero but in others it will merely reduce your tax bill. So again check with your local tax assessor to see how the tax exemption works in your area. Number seven, will my property taxes still go up with the value of my house if I receive a disability tax exemption?

As with the answer to many questions it depends. Sometimes when you receive a disability tax exemption the county or city will freeze your property value. On January 1st of the year, you applied for the exemption but this is not always the case.

So again check with your local County or City tax assessor and finally number eight. How long does the disability tax exemption last? Not to sound like a broken record but it depends.

In many states or local jurisdictions, you need to reapply each year but as we have said before check with your local county or city tax assessor to see how the tax exemption works now that we've covered the basics of the disability tax exemption. Let's return to Joseph Lombardi. For years the Cook County assessor received applications from a tan single-story bungalow in Bridgeville Illinois seeking a property tax exemption for senior citizens on fixed incomes. Though Lombardi passed away in 2013 for six years someone kept filling out paperwork in his name and the assessor kept accepting the application.

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