FINANCIAL ADVANTAGE
Additional Benefits For Minnesota Veterans
Minnesota Veterans and their families may qualify for valuable benefits that can make homeownership, property taxes, and higher education more affordable. From property tax savings for disabled Veterans to tuition benefits for surviving families and VA-backed home loans, Minnesota offers several ways to help military families make the most of their earned benefits.
Tax Relief
Property Tax Benefits for Veterans in Minnesota
- Disabled Veterans can significantly reduce their home's taxable value. Honorably discharged Minnesota Veterans with a service-connected disability rating of 70% or higher may qualify to exclude up to $150,000 of their homestead's market value from property taxation. Veterans rated 100% permanently and totally disabled may qualify for an exclusion of up to $300,000.
- The benefit can continue helping the Veteran's family. Qualifying surviving spouses may receive the $300,000 market value exclusion in certain circumstances, including when the Veteran had a 100% permanent and total disability rating or died from qualifying service-related circumstances. Certain primary family caregivers of disabled Veterans may also qualify for the program.
Family Tuition Assistance
Education Benefits for Minnesota Veterans & Families
- Eligible surviving family members can attend Minnesota public college tuition-free. Surviving spouses and qualifying children of Veterans who died while on active duty or from a service-connected condition may attend an eligible Minnesota public university or college free of tuition until earning a bachelor's degree, subject to program eligibility requirements.
- Minnesota provides some extra help beyond tuition. Eligible surviving spouses and children can also receive a $750 annual education stipend that can help with fees, books, supplies, room, or board. Adopted and stepchildren may qualify when they meet the program's eligibility requirements.
Home Financing
Home Financing Benefits for Minnesota Veterans
- Homeownership may be possible without a down payment. Eligible Minnesota Veterans can use a VA-backed purchase loan to buy a primary residence, often with no down payment as long as the home's sales price doesn't exceed its appraised value. VA-backed loans can be used for eligible single-family homes, VA-approved condos, manufactured homes, new construction, and properties containing up to four units.
- No monthly mortgage insurance can mean long-term savings. The VA Home Loan program doesn't require monthly private mortgage insurance, and VA backing can help eligible Veterans obtain competitive loan terms from private lenders. The benefit isn't necessarily a one-time opportunity either—eligible Veterans may be able to use their VA home loan benefit again after selling or refinancing a previous VA-financed home