A: If a veteran owns property and resided there on April 1st the exemption stays and can be dealt with at closing if the parties choose. If a veteran sells after April 1st they cannot get the exemption on a different property that year – the exemption is for the property they owned and resided in on April 1st.
A: It should not affect his exemption amount. Example: If your town does a $40,000 exemption and the veteran’s land and trailer was worth $38,000. The new house value will not be taken into account to go beyond the $38,000 exemption. The exemption would remain at the cap of $38,000.
A: We advise you to code railroad parcels as N in the Tax Status field. This will signify that the property is nontaxable. Also use code number 22 in the Nontax Statute field to note the correct statutory exemption.