FINANCIAL ADVANTAGE
Additional Benefits for Arkansas Veterans
Arkansas Veterans and their families may qualify for valuable state benefits that can eliminate property taxes, reduce the cost of higher education, and make homeownership more affordable. Understanding the Arkansas disabled Veteran benefits available to you—from property tax exemptions to scholarships for military families and Veteran-friendly homebuyer programs—can help you make the most of the benefits you’ve earned through military service.
Tax Relief
Property Tax Exemptions for Veterans in Arkansas
- Qualifying disabled Veterans can be completely exempt from property taxes on their homestead and personal property. Arkansas provides an exemption from all state taxes on the homestead and personal property of qualifying disabled Veterans who have a 100% total and permanent service-connected disability, or who receive VA special monthly compensation for qualifying loss or loss of use of one or more limbs or total blindness in one or both eyes.
- The property tax exemption can continue for qualifying surviving family members. When a disabled Veteran who qualified for the exemption dies, the benefit can extend to the Veteran's surviving spouse and minor dependent children, provided the surviving spouse remains unmarried. Arkansas also provides qualifying exemptions for surviving spouses and minor children of certain service members killed in the line of military duty or declared missing in action.
Family Tuition Assistance
Education Benefits for Arkansas Veterans & Families
- Eligible spouses and dependent children of qualifying Veterans can receive substantial college assistance. The Arkansas Heroes Scholarship provides education assistance to eligible military families, including certain spouses and dependents of members of the U.S. Armed Forces. The program covers tuition, housing, and fees for eligible dependent students.
- Eligibility includes families of certain disabled Veterans and decorated service members. Arkansas expanded eligibility to include dependents of qualifying Department of Defense medical retirees, Purple Heart recipients, and Medal of Honor recipients, in addition to military families covered under the state's previous Military Dependents Scholarship framework.
Home Financing
Home Loan Benefits for Arkansas Veterans
- Veterans can qualify for Arkansas' StartSmart program without being first-time homebuyers. ADFA's StartSmart mortgage program supports government-backed mortgages, including VA loans, with 30-year fixed-rate financing. Although StartSmart normally requires applicants to be first-time homebuyers, Veterans and spouses of Veterans with proper documentation are exempt from that requirement. Income, credit, property, and other program requirements still apply.
- Skip the monthly private mortgage insurance. Unlike many conventional mortgages with smaller down payments, VA-backed purchase loans don't require private mortgage insurance (PMI). Veterans may also benefit from fewer closing costs and no penalty for paying the loan off early.