Veterans’ Exemption from Real Property Tax January 28, 2015 John Hertlein, Superintendent Betty DeLand, Business Executive

Newly Enacted Changes to New York’s Real Property Tax Law Governor Cuomo signed Chapter 518 into law amending NY Real Property Tax Law Section 458-a on December 18, 2013 School Districts are now authorized to allow the Veterans’ exemption after a public hearing The exemption applies to the assessed value of a qualified property to those who served on active military duty during a period of war. The Exemption may also be applied to “Gold Star Parents”. -Those parents whose child died in the line of duty in the United States Armed Services during a time of war.

State Exemption for a Qualified Residential Property $12,000/$8,000/$40,000 War Time – exemption equal to 15% of its assessed value, to a maximum of $12,000 Combat Zone – an additional exemption equal to 10% of its assessed value, to an additional $8,000 maximum Disability – exemption is equal to one-half of the disability rating, multiplied by the assessed value, to a maximum of $40,000

Alternate Maximums if Basic Exemption Adopted The law provides for two reduced maximums and eight increased maximums. The following reduced maximums are in place for the Village/Towns/County. War Time$ 6,000 Combat Zone$ 4,000 (in addition to War Time) Disability$20,000

Impact on School District Taxes No impact on the Tax Levy Impact is on the Tax Rate Distribution of Levy Changes

Calculations based on current County Amount of VA Exemption No current information from assessors on the affect on full value with the State Alternative Exemption

Amount of Tax Payable before VA Exemption

WAR TIME VET State Alternative Veteran’s Exemption $12,000/$8,000/$40,000

WAR TIME VET with COMBAT State Alternative Vet Exemption $12,000/ $8,000/$40,000

DISABLED VETERAN State Alternative Vet Exemption $12,000/$8,000/$40,000

WAR TIME VET Current County VA Exemption $6,000/$4,000/$20,000

WAR TIME VET w/ COMBAT Current County Exemption $6,000/$4,000/$20,000

Disabled VET Current County VA Exemption $6,000/$4,000/$20,000

Possible Action Items Adopt Basic Veterans’ Exemption through Resolution Adopt reduced maximums that align with the Town/Village/County through Resolution Action taken prior to March 1, 2015 will be effective for school tax

Questions?