Benefits in my Backyard: Puerto Rico

Jonathan Kaupanger
April 20, 2018 - 12:14 pm

Dreamstime

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More than 100,000 veterans live in the Isle of Enchantment.  It’s a relatively small place – about the size of Connecticut but is also one of the most densely populated islands in the world.  It’s home to the only tropical rainforest, El Yunque, in the U.S. National Forest System.  More than 70 percent of the rum sold in the U.S. comes from Puerto Rico.  The drinking age here is 18 years old.  Mosquito Bay in Vieques is one of the few places in the world where you can see the bioluminescent bay phenomenon.

Taxes

Puerto Rico taxes military retirement based on where you served.  If you retired after 20 years, served five years in Puerto Rico and 15 outside, then 2/3s of your retirement income is taxed.

  • Veteran Income Tax Exemption.  Every veteran shall be entitled to $500 deduction.
  • Veteran Property Tax Exemptions
    • Standard Veteran 10 Year Property Tax Exemption applies to the dwelling that a veteran build or acquires as their residence.  The exemption is up to $5,000 for ten years.
    • Injured Veterans Property Tax Exemption is for injured veterans or the immediate family.  All property tax is exempt.
    • Disabled Veteran Property Tax Exemption. For veterans with a 50 percent or more VA rated disability.  The exemption is on the first $50,000 of the appraised value.

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