Laws, Regulations & Annotations

D

350.0000 DISABLED VETERANS' EXEMPTION

Annotation 350.0013

350.0013 Military Warriors Support Foundation. The Military Warriors Support Foundation (Foundation) is a non-profit organization that provides services for military veterans. One of those services is to award mortgage-free homes to qualifying veterans (or their unmarried surviving spouses) who have injuries and severe or unique circumstances as a result of engaging in combat in Iraq or Afghanistan. An application for one of these homes must be submitted and when it is awarded, a purchase agreement is entered into through a Contract for Deed document, between the Foundation as "seller/landlord" and the veteran as "buyer/tenant." According to the Contract for Deed, close of escrow is scheduled to occur three years from the date of the agreement, and title to the property remains in the name of the Foundation until the three years has elapsed. Even though legal title remains in the name of the Foundation for three years, the Contract for Deed transfers the beneficial ownership of the property to the disabled veteran as of the date of execution. During the three-year period, the veteran appears to have indicia of ownership due to the veteran's rights and responsibilities regarding the property, making him/her the beneficial owner of the property during those three years. Thus, a veteran would qualify for the Disabled Veterans' Exemption upon execution of the Contract for Deed, because the veteran would be considered the owner of the property for tax purposes at that time. C 12/12/2012.