Property Tax Exemptions Approved

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An important voter-approved initiative for veterans passed in November. The initiative reinstates property tax exemptions for disabled veterans. The approval of Proposition 130 on the statewide ballot restores a benefit that reduces the assessed value of real estate, thus reducing the amount of taxes owed.

Several factors affect the total savings for eligible veterans including annual income, county of residence in Arizona, and the value of the real estate. One tax exemption is permitted per person and does not depend on when they became an Arizona resident. The tax exemption is a welcome break on rising expenses for many households that are already stretched thin due to inflation.

With the reinstatement, disabled veterans now have the same exemption already in place in Arizona for widows, widowers, and individuals with disabilities. For more information, inquire with your county’s assessor’s office. A list can be found here.

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