Veterans encouraged to apply early for property tax exemptions

Socorro County veterans may be eligible for significant property tax savings, and County Assessor Julie Griego urges them to apply well before the April deadline. 

“There are a lot of veterans who qualify, and they really fought to get these exemptions,” Griego said. “We want to get the word out so people don’t miss out.”

The assessor’s office currently offers three property tax exemptions specifically for veterans, along with additional exemptions that can be combined to further reduce taxable value.

The most common is the regular veterans exemption, which recently increased from $4,000 to $10,000 off a property’s taxable value. That exemption applies to any type of property — residential or vacant — and can save a homeowner roughly $250 per year, depending on property value.

“For a $150,000 home, you’re only taxed on a third of that value,” Griego said. “Then we take the $10,000 off that taxable amount.”

That exemption is expected to increase each year slightly, based on market indexes.

A second exemption is available to veterans who are 100% disabled. This exemption applies only to a primary residence and covers up to five acres, exempting that portion of the property from taxation entirely. If a property exceeds five acres, the remaining acreage may still qualify for the regular $10,000 veterans’ exemption.

“This one can be applied for any time during the year,” Griego said. “If you move, we can transfer it.”

The newest option is a percentage-based disabled veterans exemption, available to veterans who are partially disabled — such as 10%, 50%, or 60% — as certified by the U.S. Department of Veterans Affairs. This exemption applies only to a primary residence and reduces taxable value based on the percentage of disability.

Griego said the percentage-based exemption can be combined with both the regular veterans exemption and the head-of-household exemption, which provides an additional $2,000 reduction in taxable value for owner-occupied homes.

“When you layer these together, the savings can be substantial,” she said. “For some veterans, it could mean close to $1,000 off their annual property tax bill.”

Most veterans’ exemptions — including the regular veterans exemption, percentage-based disabled exemption and head-of-household exemption — must be applied for by April 30, or within 30 days of receiving a notice of property value. The only exemption without a deadline is the 100% disabled veterans’ exemption.

Griego emphasized that deadlines are necessary because property values must be certified to the state by the end of April, allowing local governments, schools and other taxing entities to plan their budgets.

“We can’t keep changing values all year long,” she said. “These agencies depend on knowing how much revenue to expect.”

In addition to veterans’ exemptions, the assessor’s office also offers a property value freeze for residents who are 65 or older or disabled and earn less than approximately $42,000 per year. The freeze does not lower taxes but prevents property values from increasing in future years.

Veterans can obtain exemption applications at the Socorro County Assessor’s Office or at the Forget-Me-Not Veterans Center on California Street, where volunteers are available to answer questions and help fill out forms. Applicants will need a DD-214 and valid identification.

“These applications don’t take long,” Griego said. “Once the paperwork is submitted, it usually comes back within a couple of weeks.”