The following is not taxed – military disability pay, education and training allowances under the G.I. Bill, grants for “specially adapted housing,” most insurance dividends, and the first $4,000 of military retirement pay. Property tax is waived for cars modified to compensate for a service-related disability, and there’s an exemption for the first $38,000 in value of a house modified for a disabled vet.
Veteran’s Health Benefits
The Department of Veterans Affairs provided more than $1.9 billion in medical care as well as more than $478 million in education and vocational rehabilitation and employment support to North Carolina veterans.
Aside from four major medical centers, in Asheville, Durham, Fayetteville, and Salisbury, there are 24 outpatient clinics scattered through the state to serve its 770,000 veterans.
There are eight military bases in North Carolina, which supply a familiar atmosphere for retired vets.
The state Veterans’ cemeteries offer veterans free burials under certain conditions.
Large Veteran Population
The veteran population in North Carolina is expected to decrease at a slower rate than the total veteran population in the United States. Consequently, North Carolina’s share of the total veteran population is expected to rise by 2040..
Veterans Have Money to Spend
Retired military personnel in North Carolina received more than $2.3 billion in retirement compensation from the Department of Defense. In addition, the Department of Veterans Affairs paid more than $3.3 billion in pensions and compensation to North Carolina veterans with a disability rating. The Veterans Affairs pensions and compensation payments are concentrated primarily in the South Central and Southeast regions of the state.
Many Veterans Still a Part of the Work Force
The majority of veterans are age 50 or older; however, nearly 244,000 veterans are actually younger than 50, making them part of the prime working-age population. Given a reasonable labor force participation rate, veterans represent a large and skilled labor pool that public and private sector employers can utilize.
High Quality of Life
Retired military personnel in North Carolina received more than $2.3 billion in retirement compensation from the Department of Defense. In addition, the Department of North Carolina residents enjoy warm weather and incredible geography featuring iconic mountains, 300 miles of beaches as well as top-tier universities and plenty of cultural and sporting events.