Towns, villages and school districts will be able to increase property tax exemptions for veterans if the governor signs a bill approved recently in the State Senate and Assembly.
Sponsored by Senator Ken LaValle and Assemblyman Fred W. Thiele Jr., the legislation would allow municipalities—especially in places like the East End, where assessed value is comparatively high—to raise the cap on veterans’ exemptions. The goal is to make it easier for veterans to hang on to their homes, which has become more difficult as property taxes and living costs have spiked.
Under the new legislation, municipalities could decide for themselves whether to increase their current cap, which is based on assessed property value.
“We owe them a tremendous amount of gratitude,” Mr. LaValle said of veterans in a press release last week, “and enabling the tax exemption increase to reasonable levels is the least we can do to show our appreciation.”
27east on Jun 22, 2015