FINANCIAL ADVANTAGE
Additional Benefits For Oklahoma Veterans
Oklahoma Veterans and their families may qualify for valuable benefits that can help cut taxes, make college more affordable, and put homeownership within reach. From significant tax exemptions for 100% disabled Veterans to education benefits for military families and VA-backed home loans, Oklahoma offers several ways to make your earned benefits go further.
Tax Relief
Tax Benefits for Veterans in Oklahoma
- 100% disabled Veterans may pay no property tax on their homestead. Qualifying Oklahoma Veterans with a 100% permanent service-connected disability may receive an exemption for the full fair cash value of their homestead, effectively removing qualifying property from ad valorem property taxation. The Veteran must meet Oklahoma residency, honorable-discharge, disability, ownership and occupancy requirements.
- The savings can follow you to the checkout counter. Oklahoma residents receiving service-connected disability compensation at the 100% rate for a permanent disability can also qualify for a sales-tax exemption. The exemption applies to up to $25,000 in qualifying purchases per year, giving eligible disabled Veterans another significant state tax benefit.
Family Tuition Assistance
Education Benefits for Oklahoma Veterans & Families
- Children of fallen Oklahoma service members may qualify for a tuition scholarship. The Oklahoma Heroes Promise Scholarship is available to qualifying Oklahoma residents whose parent was killed in the line of duty in the U.S. Armed Forces after January 1, 2000, or later died from an injury sustained in the line of duty. The award is equivalent to resident public-college tuition through the Oklahoma's Promise program.
- Military education benefits extend beyond traditional universities. Oklahoma's Department of Veterans Affairs works with institutions and training providers throughout the state that participate in GI Bill education benefits, giving eligible Veterans and family members opportunities to use their benefits for approved education and training programs.
Home Financing
Home Financing Benefits for Oklahoma Veterans
- Buying a home may be possible with $0 down. Eligible Oklahoma Veterans can use a VA-backed purchase loan to buy, build, or improve a primary residence. VA loans generally allow no down payment when the purchase price doesn't exceed the home's appraised value, subject to VA and lender eligibility requirements.
- Skip the monthly mortgage insurance. VA-backed purchase loans don't require private mortgage insurance (PMI) or mortgage insurance premiums (MIP). They can also offer competitive terms, fewer closing costs, and no penalty for paying the loan off early.
Sources
- Oklahoma Tax Commission — 100% Disabled American Veteran Tax Exemptions
- Oklahoma Department of Veterans Affairs — Oklahoma State Benefits
- Oklahoma State Regents for Higher Education — Financial Aid Resources for Veterans and Military Families
- Oklahoma State Regents for Higher Education — Oklahoma Heroes Promise
- U.S. Department of Veterans Affairs — VA-Backed Purchase Loans