FINANCIAL ADVANTAGE
Additional Benefits For New Jersey Veterans
New Jersey Veterans and their families may qualify for valuable benefits that can reduce property taxes, help cover college expenses, and make homeownership more affordable. From a full property tax exemption for qualifying disabled Veterans to tuition programs for military families and VA-backed home loans, these New Jersey Veteran benefits can provide meaningful financial savings.
Tax Relief
Property Tax Benefits for Veterans in New Jersey
- 100% permanently and totally disabled Veterans may pay no property tax on their home. An honorably discharged New Jersey Veteran certified by the VA as 100% permanently and totally disabled due to active-duty service may qualify for a full annual property-tax exemption on their principal residence. The Veteran must own and occupy the property as their main home and meet the state's other eligibility requirements.
- New Jersey offers tax savings to other Veterans, too. Eligible honorably discharged Veterans may qualify for an annual $250 property-tax deduction on a qualifying home. New Jersey also provides a $6,000 Veteran exemption from taxable income for qualifying Veterans filing a state income-tax return.
Family Tuition Assistance
Education Benefits for New Jersey Veterans & Families
- Children of qualifying POW/MIA service members may receive free undergraduate tuition. New Jersey's POW-MIA Tuition Benefit Program provides free undergraduate college tuition to eligible children of a parent officially declared a prisoner of war or missing in action after January 1, 1960. The qualifying parent must have been a New Jersey resident when entering service or have an official residence in New Jersey.
- Children who have lost a parent to military service can receive additional college assistance. New Jersey's War Orphans Tuition Assistance provides eligible children of service members who died while serving, died due to a service-connected disability, or are officially listed as MIA with $500 per year for four years of college or equivalent training. Residency and other eligibility requirements apply.
Home Financing
Home Financing Benefits for New Jersey Veterans
- A down payment may not be necessary. Eligible New Jersey Veterans can use a VA-backed purchase loan to buy, build, or improve a primary residence, often with no down payment as long as the sales price isn't higher than the home's appraised value. Nearly 90% of VA-backed home loans are made without a down payment.
- Skip the monthly mortgage insurance—and possibly the VA funding fee. VA-backed purchase loans don't require monthly PMI or MIP, which can reduce the ongoing cost of homeownership. Veterans receiving VA compensation for a service-connected disability are also among those who may be exempt from the VA funding fee, subject to VA eligibility requirements.
Sources
- New Jersey Division of Taxation — 100% Disabled Veteran Property Tax Exemption
- New Jersey Division of Taxation — Military and Veteran Tax Benefits
- New Jersey Department of Military and Veterans Affairs — Benefits & Resources
- New Jersey Department of Military and Veterans Affairs — 2026 Veterans Benefits Guide
- U.S. Department of Veterans Affairs — VA-Backed Purchase Loans
- U.S. Department of Veterans Affairs — VA Funding Fee and Closing Costs