1. Amagansett Union Free School District Making a Difference
Veteran’s Exemption
Spring 2018

2. Veteran’s Exemptions Authorized Under Real Property Tax Law (RPTL)
August 2016 RPTL 458 Amended Allowing For Cold War Exemptions
Board Must Pass a Resolution Authorizing the Exemptions
After a Public Hearing

3. How Are Your Taxes Calculated?
Property Parcels (Residential and Commercial) have an assessed value
The assessed value represents a percentage of the actual market value
Market value is determined by an equalization rate set by the state
Our equalization rate is .57% (.0057)
Tax rate is calculated on $1,000 of assessed value

4. Exemption Limits – Reduction in Assessment
Non Combat and Cold War
The lesser of 15% of assessed value or $12,000 times the equalization rate
Combat and Gold Star Parent
The lesser of 25% of assessed value or $20,000 times the equalization rate
Disabled
The lesser of one half service-connected disability rating to a maximum of $40,000 or $40,000 times the equalization rate
East Hampton Town calculates proper exemption

5. Impact of Exemptions Does not reduce the amount of the tax levy
District does not receive additional state aid or state reimbursement
As with any reduction in total assessment supporting the levy, there will be a shift to other tax payers

6. BASIC, REDUCED & INCREASED MAXIMUMS
Basic Max
Increased
Wartime
6,000
9,000
12,000
15,000
54,000
Combat Zone
4,000
8,000
10,000
36,000
Disability
20,000
30,000
40,000
50,000
180,000

7. Estimated Average Veteran A.V. Exemption
Non Combat Veteran $ Combat Veteran/Gold Star Parent $ Disabled Veteran $ Cold War Veteran $68.40

8. Estimated Total Veteran A. V. Exemption
Non Combat Veteran = $2, (AV) Combat Veteran/ = $1, (AV) Gold Star Parent Disabled Veteran = $ (AV) Cold War Veteran = $68.40 (AV) Total Exempted Assessed Value = $4,126.80

9. Tax Rate Tax Levy $9,575,289.00 Original Assessed Value $30,891,260.00
New Assessed Value with Exemptions $30,887,133.20
Original Tax Rate per $1,000 AV $
New Tax Rate per $1,000 AV $
Tax Rate Increase per $1,000 AV $0.0414

10. How Does it Impact the Average Homeowner
It would increase the tax rate by approximately $0.0414
Additional increase for Veteran Exemptions on a house assessed at:
$6,000 - $0.2485
$7,000 - $0.2899
$8,000 - $0.3313

11. Estimated Average Veteran Reduction in Taxes
Average Assessment Non Combat Veteran Combat Disabled Veteran
Cold War Veteran Veteran
Gold Star Family
$6, $ $ $70.43
$7, $ $ $70.39
$8, $ $ $70.35

12. Questions & Answers