Introduction of Law Extending Alternative Veterans Property Tax Exemption to Include School Tax
New York State offers a reduction in assessed property value for veteran homeowners, with rates between 15% and 25% based on wartime and combat service eligibility criteria. In New York City’s five boroughs, this results in eligible veteran homeowners being told they “only have to pay school tax.” Yet those tax rates have ballooned by more than 60% since 2003; the current school tax rate (which veterans must pay) is 11.5%. A 2013 NYS law gave school districts the option of adopting the tax exemption for veterans, but that didn't include provisions for NYC to adopt this law. On September 29, 2016, Governor Cuomo signed into law a bill that finally permits the NYC Council to adopt the school tax exemption for NYC's veteran homeowners, which would provide significant relief.
In October, 2016, Staten Island Councilman Steven Matteo introduced a bill to the NYC Council to adopt the full tax exemption for veteran homeowners. The bill is sponsored by 16 other council members and currently sits with the Committee on Finance awaiting further action.
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