FINANCIAL ADVANTAGE
Additional Benefits For TennesseeVeterans
Tennessee Veterans and their families may qualify for valuable state and federal benefits that can lower property taxes, reduce education costs, and make homeownership more affordable. From property tax relief for disabled Veterans to education grants and VA-backed home loans, understanding your Tennessee Veteran benefits can help you make the most of the financial advantages you’ve earned through military service.
Tax Relief
Property Tax Relief for Veterans in Tennessee
- Permanently and totally disabled Veterans can receive substantial property tax relief. Tennessee provides state-funded relief toward local property taxes on the primary residence of qualifying disabled Veterans. Eligibility includes Veterans with a service-connected permanent and total disability, certain Veterans with qualifying severe service-connected disabilities such as paraplegia, loss or loss of use of two or more limbs, or legal blindness, and former POWs with a 100% permanent and total disability rating. The maximum market value used to calculate the relief is currently $175,000.
- The benefit can continue for an eligible surviving spouse. Tennessee extends property tax relief to qualifying surviving spouses of disabled Veterans who were eligible for the program at the time of death, subject to the state's ownership, residency, remarriage, and other eligibility requirements.
Family Tuition Assistance
Education Benefits for Tennessee Veterans
- Decorated post-9/11 Veterans can receive up to $1,000 per semester. Tennessee's Helping Heroes Grant provides eligible Veterans with $1,000 after successfully completing at least 12 semester hours or $500 for completing six to 11 semester hours. The program is available on a first-come, first-served basis to qualifying Veterans who have received specified campaign or expeditionary medals, including the Iraq Campaign Medal, Afghanistan Campaign Medal, or Global War on Terrorism Expeditionary Medal.
- Tennessee National Guard members have another path to tuition assistance. The Tennessee STRONG Act provides last-dollar tuition reimbursement for eligible Tennessee National Guard members attending qualifying educational institutions. The state's current program page says reimbursement is available for up to 120 credit hours or eight semesters toward a first bachelor's degree, with other eligibility, academic-progress, and funding requirements applying.
Home Financing
Home Loan Benefits for Tennessee Veterans
- Eligible Tennessee Veterans may be able to buy a home without a down payment. VA-backed purchase loans can help eligible Veterans and service members buy, build, or improve a primary residence. VA-backed purchase loans generally require no down payment when the sales price isn't higher than the home's appraised value, subject to VA eligibility and lender requirements.
- No monthly mortgage insurance can mean significant savings. VA-backed purchase loans don't require monthly private mortgage insurance (PMI) or mortgage insurance premiums (MIP). They may also provide competitive interest rates, fewer closing costs, and no penalty for paying the loan off early.
Sources
- Tennessee Department of Veterans Services — Property Tax Relief for Disabled Veterans
- Tennessee Department of Veterans Services — Tennessee State Veteran Benefits
- Tennessee Department of Veterans Services — Helping Heroes Grant
- Tennessee Department of Veterans Services — Tennessee STRONG Act
- U.S. Department of Veterans Affairs — VA-Backed Purchase Loans