FINANCIAL ADVANTAGE
Additional Benefits For North Carolina Veterans
North Carolina Veterans and their families may qualify for valuable state and federal benefits that can lower property taxes, reduce higher-education costs, and make homeownership more affordable. Understanding the North Carolina disabled Veteran benefits available to you—from the Disabled Veteran Property Tax Exclusion to education scholarships and Veteran homebuyer assistance—can help you make the most of the benefits you’ve earned through military service.
Tax Relief
Property Tax Exemptions for Veterans in North Carolina
- Qualifying disabled Veterans can exclude the first $45,000 of their home's appraised value from property taxes. North Carolina's Disabled Veteran Property Tax Exclusion applies to the permanent residence of Veterans whose discharge was honorable or under honorable conditions and who have a 100% permanent and total service-connected disability or receive benefits for specially adapted housing under 38 U.S.C. § 2101. There is no age or income limitation for this program.
- The $45,000 exclusion can extend to an eligible surviving spouse. A never-remarried surviving spouse may qualify when the deceased Veteran met the disabled Veteran requirements or died as a result of a service-connected condition. The benefit can also apply to the never-remarried surviving spouse of a service member who died from a service-connected condition in the line of duty and not as a result of willful misconduct.
Family Tuition Assistance
Education Benefits for North Carolina Veterans & Families
- Children of qualifying wartime Veterans can receive up to eight semesters of scholarship assistance. The North Carolina Scholarship for Children of Wartime Veterans provides education assistance to eligible children of certain deceased, disabled, combat, or POW/MIA Veterans. The scholarship provides eight academic semesters, which recipients have eight years to use at qualifying North Carolina schools.
- The scholarship includes children of certain disabled Veterans—but eligibility is more specific than disability alone. Applicants must generally be under age 25, reside and be domiciled in North Carolina, and meet the program's Veteran-parent and wartime-service requirements. The Veteran's qualifying circumstances must have occurred during a period of war, and the program separates applicants into different eligibility classes based on factors such as death, disability, combat service, or POW/MIA status.
Home Financing
Home Loan Benefits for North Carolina Veterans
- Military Veterans may qualify for $15,000 in North Carolina down-payment assistance. The North Carolina Housing Finance Agency's NC 1st Home Advantage Down Payment provides eligible first-time homebuyers and military Veterans with $15,000 in down-payment assistance when they qualify for an NC Home Advantage Mortgage. Military Veterans can qualify for this program without being first-time homebuyers, subject to income, purchase-price, credit, occupancy, and other program requirements.
- VA loans can also be paired with North Carolina's broader homebuyer assistance. The NC Home Advantage Mortgage accepts qualifying VA loans and currently provides eligible buyers with down-payment assistance of up to 3% of the loan amount. VA-backed purchase loans themselves can offer no down payment when the purchase price doesn't exceed the appraised value and don't require monthly PMI or MIP.
Sources
- North Carolina Department of Revenue — Disabled Veteran Property Tax Exclusion (NCDVA-9)
- North Carolina Department of Revenue — Property Tax Relief Application & Disabled Veteran Exclusion
- North Carolina DMVA — Scholarship for Children of Wartime Veterans
- North Carolina Housing Finance Agency — NC 1st Home Advantage Down Payment
- North Carolina Housing Finance Agency — NC Home Advantage Mortgage
- U.S. Department of Veterans Affairs — VA-Backed Purchase Loans