Honoring Veterans with Expanded Property Tax Relief and Acts of Appreciation this Veterans Day
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Every Veterans Day, we recognize the brave men and women who have served in our military, paying tribute to their sacrifices and dedication to our nation. This year, Veterans Day brings even more to celebrate for Veterans and their families, as voters in Virginia and New Mexico approved new measures that expand property tax relief for them. These changes offer much-needed support, especially in a housing market where property values — and property taxes — have been steadily climbing.
With the median U.S. home price now exceeding $420,000, property tax revenue has risen by nearly 21% over the past three years. Here’s what Veterans and their families can expect from these new tax exemptions and a few other ways you can show appreciation this Veterans Day.
Virginia Expands Property Tax Relief for Surviving Spouses
On Election Day, Virginia voters approved a significant expansion in property tax relief for surviving spouses of Veterans. Previously, only spouses of service members “killed in action” qualified for this tax exemption. This left many spouses without benefits if their loved one’s death occurred in other tragic circumstances, such as an accident during duty.
With the new law, which takes effect January 1, 2025, surviving spouses will qualify for property tax relief if their Veteran loved ones died “in the line of duty.” This change honors the broader range of sacrifices made by service members and their families.
This expanded relief comes at a critical time, as Virginia faces a housing shortage partially driven by restrictive zoning laws. The shortage has created a deficit of 105,000 houses, increasing the costs for both renters and homeowners. The new tax exemptions aim to help relieve some of this financial burden for Veterans and their families.
New Mexico Increases Property Tax Exemptions for Veterans
Voters in New Mexico also approved property tax measures designed to assist Veterans and their families. Starting in 2025, New Mexico will:
- Increase the Veteran Property Tax Exemption — The exemption amount will increase from $4,000 to $10,000, with a provision to adjust the amount annually to keep pace with inflation.
- Expand Disability Tax Exemptions — Disabled Veterans, including widows or widowers, will now be eligible for property tax exemptions proportional to their federal disability rating. Under previous laws, only Veterans with the most severe disabilities received tax relief. Now, Veterans facing a range of challenges — including epilepsy, psychiatric disorders like depression, diabetes, blood disorders, and chronic pain — may qualify for property tax relief.
These measures provide a much-needed financial cushion, although rising housing costs in New Mexico may still limit the full benefit of these exemptions. With the median detached house price nearly doubling over the last decade, some Veterans may still struggle with housing affordability despite the tax relief.
Celebrating Veterans Day: Ways to Show Your Support
Beyond tax exemptions, there are many ways to honor and support Veterans this Veterans Day. Here are a few meaningful ways to make a difference:
- Donate or Volunteer: Consider supporting organizations like the Wounded Warrior Project, Vietnam Veterans of America, or Disabled American Veterans. Your contributions can help these organizations continue their valuable work for Veterans and their families.
- Send Care Packages: Host a packing event to create care packages for Veterans through organizations like Operation Gratitude. A small package can bring a big sense of support to those who have served.
- Visit a VA Hospital: Show your gratitude in person by visiting a Veteran’s hospital. You can schedule an appointment through the Veterans Affairs website and spend some time sharing stories and thanks with Veterans.
- Shop at Veteran-Owned Businesses: Support Veteran entrepreneurs by shopping at Veteran-owned businesses. You can find listings online and enjoy the satisfaction of knowing your purchase is supporting those who’ve served.
This Veterans Day, we have many reasons to honor our Veterans, including new measures that ease their financial burdens and a range of activities that express our gratitude. Whether through policy changes or acts of kindness, each small gesture is a way of saying, “Thank you for your service.”