FINANCIAL ADVANTAGE
Additional Benefits For Louisiana Veterans
Louisiana Veterans and their families may qualify for valuable state benefits that can lower property taxes, make college more affordable, and help make homeownership a reality. From expanded tax relief for disabled Veterans to tuition exemptions for qualifying dependents and homebuyer programs, Louisiana offers several ways to help military families make their earned benefits go further.
Tax Relief
Property Tax Benefits for Veterans in Louisiana
- Disabled Veterans can get extra property tax relief on top of Louisiana's homestead exemption. Veterans with a service-connected disability rating of 50% to 69% can receive an additional $2,500 exemption from their home's assessed value, while Veterans rated 70% to 99% can receive an additional $4,500 exemption. The benefit applies to the Veteran's primary residence.
- A 100% service-connected disability brings substantially greater savings. Louisiana Veterans with a 100% service-connected disability rating can qualify for an exemption from all ad valorem taxation on their primary residence, except certain municipal tax assessments.
Family Tuition Assistance
Education Benefits for Louisiana Veterans & Families
- Qualifying children can receive a Louisiana tuition exemption. Louisiana's Title 29 In-State Tuition Exemption provides educational assistance to eligible children of qualifying Veterans. The program also provides eligibility for surviving spouses and children of certain deceased Veterans and spouses of qualifying POW/MIA Veterans.
- Title 29 can work alongside GI Bill benefits. Eligible dependents can use Louisiana's Title 29 tuition exemption in conjunction with GI Bill benefits, potentially allowing families to combine state and federal education assistance. Veteran residency and other eligibility requirements apply, with different requirements for living and deceased Veterans.
Home Financing
Home Financing Benefits for Louisiana Veterans
- Veterans can get a break on the first-time homebuyer requirement. The Louisiana Housing Corporation's Mortgage Credit Certificate (MCC) Program includes a Veteran exemption from its normal three-year first-time-homebuyer requirement. Qualified Veterans can therefore potentially access the program even if they've previously owned a home.
- Turn mortgage interest into an annual federal tax credit. Eligible MCC participants can claim 40% of their annual mortgage interest as a federal income-tax credit, up to $2,000 per year, for as long as the mortgage remains eligible and the home remains their principal residence. Louisiana Housing Corporation also allows the MCC to be combined with certain down-payment-assistance programs.