FINANCIAL ADVANTAGE
Additional Benefits For Massachusetts Veterans
Massachusetts Veterans and their families may qualify for valuable state benefits that can help lower property taxes, make college more affordable, and open the door to homeownership. From tax exemptions for disabled Veterans to education and home financing programs, Massachusetts offers several ways to help those who served make the most of their earned benefits.
Tax Relief
Property Tax Exemptions for Veterans in Massachusetts
- A service-connected disability can lower your property tax bill. Eligible Massachusetts Veterans with a service-connected disability of at least 10% may qualify for a local property tax exemption starting at $400, while Veterans with a 100% service-connected disability may qualify for a $1,000 exemption. Municipalities may also adopt provisions that increase certain exemption amounts or adjust them for inflation.
- Some severely disabled Veterans can qualify for even greater relief. Massachusetts provides higher exemption levels for certain Veterans who have experienced loss of limbs or eyesight, require specially adapted housing, or meet other qualifying disability criteria. Veterans with service-connected paraplegia or 100% service-connected blindness may qualify for a full property tax exemption.
Family Tuition Assistance
Education Benefits for Massachusetts Veterans & Families
- Children of certain fallen Veterans may receive a college scholarship. Massachusetts' Public Service Scholarship Program provides undergraduate education assistance to eligible children of Veterans whose service was credited to Massachusetts and who were killed in action or died as a result of that service.
- Massachusetts National Guard members can share education benefits with their families. Through the Massachusetts National Guard Family Education Program, eligible Guard members can transfer unused tuition and fee exemption credits to qualifying dependents attending Massachusetts public higher-education institutions. The total benefit is limited to 130 semester hours per Guard member, including credits used by the member.
Home Financing
Home Financing Benefits for Massachusetts Veterans
- Massachusetts has its own Veteran-focused mortgage program. MassHousing's Home for the Brave program offers affordable, low-down-payment mortgage financing to eligible Veterans and active-duty military personnel. Financing can reach 97% for single-family homes and condominiums and 95% for two-, three-, and four-family properties, subject to program requirements.
- Extra protection can make homeownership a little less stressful. Home for the Brave loans include MI Plus, which can cover principal and interest payments for up to six months in the event of unemployment or deployment. MassHousing also states that closing-cost assistance is available through its grants, although income and loan limits apply.
Sources
- Massachusetts Executive Office of Veterans Services — Local Property Tax Exemptions for Veterans
- Massachusetts Executive Office of Veterans Services — Veteran Educational Benefits
- Massachusetts Department of Higher Education — State Benefits for Dependents of Veterans
- Massachusetts Government — Home for the Brave