100% p&t tax exempt question

[metallicide]

This is all fairly new to me. I turned in my paperwork for property tax exemption to my local tax assessor and informed my mortgage company. They didnt seem to have a lot of answers. Does the property tax stop the day I filed it? Really confused on how this works. 

[paulstrgn]

When I got 100 P&T the effective date was 8/2018 (I won a BVA decision in 7/2019). Now I live in Virginia and when I turned in all the paperwork to the county and then sent it to my mortgage company, the mortgage company adjusted my payment to eliminate the property tax. I am also going to get a refund from the state back to 8/2018. 

But long story made  short, your tax liability should stop as soon as the mortgage company processes the paperwork.

Congratulations on getting to 100% P&T!

[Richard1954]

It really depends on your states laws.

 

In Texas we have to apply to the state  between  Jan and  Mar  once approved we do not have to apply again unless our disability  status changes. In Texas we have a 100% disabled Veteran tax exemption , and then there is a separate Tax exemption based on any rating 10- 90%.   We are not granted any back Tax exemptions because the law requires is to request exemption from Jan - Mar and any exemption granted is only applied going forward.

I have had different Mortgage companies but they all required proof of Tax exemption from the taxing authority to stop the escrow.

Edited December 6, 2019 by Richard1954

[metallicide]

2 hours ago, paulstrgn said:

When I got 100 P&T the effective date was 8/2018 (I won a BVA decision in 7/2019). Now I live in Virginia and when I turned in all the paperwork to the county and then sent it to my mortgage company, the mortgage company adjusted my payment to eliminate the property tax. I am also going to get a refund from the state back to 8/2018. 

But long story made  short, your tax liability should stop as soon as the mortgage company processes the paperwork.

Congratulations on getting to 100% P&T!

That's great to hear. I'm in Illinois. The tax office said shed date it for jan 1 2019 so not sure if that means I'll get back what I paid this year. Also thank you. It was crazy, 4 years got 90%, 3 weeks later TDUI 100% pay with P and T. I couldn't believe it. I was about two weeks from losing my house, then I see my bank account and almost passed out lol. 

[metallicide]

52 minutes ago, Richard1954 said:

It really depends on your states laws.

 

In Texas we have to apply to the state  between  Jan and  Mar  once approved we do not have to apply again unless our disability  status changes. In Texas we have a 100% disabled Veteran tax exemption , and then there is a separate Tax exemption based on any rating 10- 90%.   We are not granted any back Tax exemptions because the law requires is to request exemption from Jan - Mar and any exemption granted is only applied going forward.

I have had different Mortgage companies but they all required proof of Tax exemption from the taxing authority to stop the escrow.

Thank you. I don't expect any back pay but dropping my payment down 200 a month sure will be nice. Now to get my champva insurance so my wife can drop hers and save even more money!

[paulstrgn]

1 hour ago, metallicide said:

dropping my payment down 200 a month sure will be nice

It is real nice, every little bit helps.

[paulstrgn]

2 hours ago, Richard1954 said:

In Texas we have to apply to the state  between  Jan and  Mar  once approved we do not have to apply again unless our disability  status changes.

Richard I know that is nice to be property tax exempt in Texas, when I lived there property tax was very high. When I lived there back in 2012 my house was appraised at $140,000 and the property tax was $4,000 a year...it the price you pay for not having any state income tax.