Q: Disabled veteran property tax exemption question
Im a disabled veteran who lives in puerto rico.my parents and i are taking out a mortgage to fiance my first home. this is going to be my primary residence. On the loan the borrowers are: my mother, my dad, and me. My question is do i still get an exemption for property tax? Because its coming up on my loan paperwork as part of my monthly payments.
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A:
It sounds like you're in the process of purchasing your first home, which is an exciting step. Since you’re a disabled veteran living in Puerto Rico, you may be eligible for a property tax exemption. However, these exemptions typically apply to the primary homeowner who qualifies, and the way your loan is set up could affect this.
Even though your parents are co-borrowers on the mortgage, you should still be able to apply for the exemption, as long as the home is your primary residence and the title or ownership includes your name. It’s important to verify the local laws in Puerto Rico regarding disabled veteran exemptions to make sure there are no additional qualifications that might impact you.
If property tax payments are coming up as part of your monthly mortgage costs, this might just be standard for loans, even if you qualify for an exemption. You’ll want to check with your mortgage company or a local tax office to confirm how and when any exemptions would be applied.
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