VA Condo Approval Process

The Assessor’s Office determines the taxable value of a property, while the County Tax Office is responsible for calculating and collecting the taxes. The Assessor’s Office also evaluates and applies property tax exemptions, but an exemption can only be granted after the veteran officially owns the property. Since this process takes time, it’s important to choose a lender who understands the exemption rules and is willing to honor the future exemption while assisting with the necessary paperwork.

Securing a VA Home Loan for a condominium involves a series of steps to ensure the property meets the Department of Veterans Affairs (VA) requirements. Additionally, understanding the property tax assessment and exemption process is crucial for veterans aiming to benefit from available tax reliefs. This guide provides a comprehensive overview of both processes, along with essential contact information and resources.

1. VA Condominium Approval Process

Before a veteran can purchase a condo using a VA Home Loan, the condominium project must be approved by the VA.

a. Verify Existing VA Approval

1.Check the VA-Approved Condo List: Begin by determining if the condominium is already VA-approved. You can search for approved condos on the VA’s official website or consult with your lender.

b. Initiate Approval for Unapproved Condos

If the condo is not VA-approved:

1.Engage a Knowledgeable Lender: Choose a lender experienced with the VA condo approval process. They will act as a liaison between you, the condo association, and the VA.

2.Gather Necessary Documentation: The lender will collaborate with the condo association to collect required documents, including:

•Master Deed or Recorded Condominium Declarations

•Bylaws and Amendments

•Financial Statements

•Insurance Policies

3.Submit the Approval Package: The lender submits the compiled documents to the VA for review. The VA evaluates the condo’s legal, financial, and operational status to ensure it meets their criteria.

4.Await VA Decision: The approval process typically takes 15 to 30 days. Timely submission of all required documents can help prevent delays.

Important Resource: For detailed guidance, refer to the VA’s Condo Approval Process Document.

2. Property Tax Assessment and Exemption for Veterans in Dallas County

Understanding how property taxes are assessed and how to apply for exemptions can lead to significant savings.

a. Assessment and Taxation Overview

•Dallas Central Appraisal District (DCAD): Responsible for determining the taxable value of properties in Dallas County.

•Dallas County Tax Office: Responsible for calculating and collecting property taxes based on the assessments provided by DCAD.

Key Point: The DCAD assesses property values, while the Dallas County Tax Office levies and collects the taxes.

b. Property Tax Exemptions for Disabled Veterans

Disabled veterans may qualify for property tax exemptions, which can substantially reduce their tax burden.

Eligibility Criteria:

•Disability Rating: Veterans with a service-connected disability rating of 10% or higher may be eligible.

•Ownership: The property must be owned by the veteran.

Exemption Amounts (based on disability rating):

•10%–29%: $5,000 exemption

•30%–49%: $7,500 exemption

•50%–69%: $10,000 exemption

•70%–99%: $12,000 exemption

•100%: Total property tax exemption

Application Process:

1.Acquire Ownership: The exemption can only be applied after the veteran has taken ownership of the property.

2.Submit Application: Complete the Exemption Application for Disabled Veterans or Survivors and submit it to DCAD.

3.Provide Documentation: Include a current letter from the VA stating your disability rating.

Important Consideration: Since the exemption cannot be applied before ownership is established, select a lender familiar with this process. Such lenders can honor the forthcoming exemption and assist in filing the necessary paperwork promptly.

Contact Information:

• Dallas Central Appraisal District (DCAD):

• Address: 2949 N. Stemmons Freeway, Dallas, TX 75247

•Website: https://www.dallascad.org

•Email: [email protected]

•Phone: 214-631-1342

• Dallas County Tax Office:

•Address: 500 Elm Street, Suite 330, Dallas, TX

•Website: https://www.dallascounty.org/departments/tax

•Email: [email protected]

•Phone: 214-653-7811

3. Additional Resources

• VA Home Loan and Condo Approval Inquiries:

•Phone: (877) 827-3702 (available after 8 AM)

•VA Document Portal: Access necessary forms and guidelines through the VA’s WebLGY system.

•Directive for Condo Approval: Refer to Circular 26-20-6 for detailed condo approval requirements.

By following this guide and utilizing the provided resources, veterans can navigate the VA condo approval process and take full advantage of property tax exemptions in Dallas County.