Wednesday, March 19, 2014

New York Veterans Might Receive School Tax Exemption

In December 2013 Gov. Andrew Cuomo signed a bill that would allow school districts to implement a Veterans Tax Exemption for school taxes.

This exemption would be in addition to exemptions veterans are entitled to for county, city, town, and village taxes. The exemptions 15 percent reduction in assessed value for veterans who served during at time of war, another 10 percent for those who were in combat zones. and an additional reduction for service-connected disabilities.

It seems many school districts are taking their time to implement this exemption, and some have refused to allow this particular exemption to take effect; saying that this would shift the tax burden to non-veterans. One school district estimated that it would create an increase of $0.73 for non-veteran tax payers.

New York does have tax exemptions for veterans, the three exemptions are:
Alternative Veterans Exemption: Available only on residential property of a veteran who served during a designated time of war or who have received an Expeditionary Medal.

Cold War Veterans Exemption. Available only on residential property of a veteran who served during the Cold War.

Eligible Funds Exemption. Applies to property that a veteran or certain other designated person purchases. Such purchases must be made with pension, bonus, or insurance monies.

This school tax exemption would be another small way to say Thank You to our veterans, and should be granted.

---- Jerald Terwilliger  Chairman American Cold War Veterans "We Remember" ---------------- "And so the greatest of American triumphs... became a peculiarly joyless victory. We had won the Cold War, but there would be no parades." -- Robert M. Gates, 1996