Veterans Tax Exemption Hearing rescheduled for Tuesday, February 10, 2015
Due to disruptive winter weather, the Rhinebeck Central School District Board of Education’s public hearing has been rescheduled for Tuesday, February 10, 2015 at 7:00 pm in the BMS/RHS Library. The Hearing has been set for the purpose of discussing the adoption of the Alternative Veterans’ Exemption pursuant to §458-a of the Real Property Tax Law for eligible veterans who served during a period of war or have received an expeditionary medal for 2015 school taxes and thereafter.
The components of the Alternative Veterans’ Tax Exemption are as follows:
Basic Exemption: Tax exemption of 15% of the assessed value of the property, not to exceed $12,000 or the product of $12,000 multiplied by the latest state equalization rate for the assessing unit, whichever is less.
Combat Zone: For veterans who are documented to have served in a combat zone an additional tax exemption of 10% percent of the assessed value of the property, not to exceed $8,000 or the product of $8,000 multiplied by the latest state equalization rate, whichever is less.
Disabled Veterans: Where the veteran received a compensation rating from the Veterans’ Administration or Department of Defense based upon a service related disability, an additional tax exemption on the qualifying residential property to the extent of the product of the assessed value multiplied by 50% of the veteran’s disability rating, not to exceed $40,000 or the product of $40,000 multiplied by the latest state equalization rate, whichever is less.
The Alternative Veterans’ Tax Exemption, as passed by the New York State Legislature and signed into law by Governor Cuomo last year, is not supported by additional State funding, as is the current STAR program. Instead, the exemptions provided to eligible veterans who apply are offset by a school district’s non-veteran taxpayers, not by New York State.