Property Tax Exemption

We're proud to be the leading voice for tax relief for NYC veteran homeowners in focus groups, hearings, and ongoing advocacy. As the new expansion of the Alternative and Eligible Funds tax exemptions for veteran homeowners takes effect in 2018, there has been some initial confusion about how individual veterans will see those savings. 

Below is an "explainer" on what we know as of February 12, 2018:

Enrollment

If you are already enrolled to receive the Alternative or Eligible Funds exemptions, you do not need to take any further action to receive the extended benefits. 

If you are a qualifying veteran but not enrolled, you must apply by March 15, 2018, to begin receiving the exemption and extended benefits beginning on July 1, 2018. APPLY HERE.

Notice of Property Value

In February, veteran homeowners received printed Notice of Property Value (NOPV) by mail, showing a reduction in their maximum exemption amounts, some by as much as 30%. These printed notices reflect the caps on maximum exemption amounts that were mandated in order to pass the extension (inclusion of school taxes) in the city's FY 2018 budget last year:

New Maximum

Requirements for
Eligible Veterans

 Percentage Assessed
Value Reduction

Maximum Exemption Amount

Served during a
specified period of conflict

15%

Maximum of
$2,880 for Class 1;            
$21,600 for Classes 2 and 4

Served in a combat zone*

Additional 10%

Maximum of
$1,920 for Class 1;              
$14,400 for Classes 2 and 4

Disabled**

Assessed value
multiplied by 50%
of the veteran’s
disability rating

Maximum of
$ 9,600 for Class 1;
$72,000 for Classes 2 and 4

 

Old Rates

Requirements for
Eligible Veterans

 Percentage Assessed
Value Reduction

Maximum Exemption Amount

Served during a
specified period of conflict
(listed above)

15%

Maximum of
$4,140 for Class 1;            
$24,300 for Classes 2 and 4

Served in a combat zone*

Additional 10%

Maximum of
$2,760 for Class 1;              
$16,200 for Classes 2 and 4

Disabled**

Assessed value
multiplied by 50%
of the veteran’s
disability rating

 

 

Exemption Totals (Including School Tax)

Although the school tax exemption was applied on the November 2017 bill for veterans receiving the Alternative Tax Exemption, the NYC Department of Finance has not yet been fully clear with veteran homeowners on the final amount of their full exemption for this year. Individual homeowners may be receiving a combination of tax exemptions, such as SCHE, DHE, or STAR (click HERE for more information), and the final amount calculated may be initially confusing to the individual homeowner. The final amount for veterans enrolled in the Alternative and Eligible Funds exemptions, however, should reflect full exemption from school taxes, despite the reduction in maximum exemption amounts reflected on the NOPV.

Getting Answers

Homeowners may find it difficult to get answers directly from the NYC Department of Finance (for example, our office has tried to contact DOF, but we haven't been able to get past 311 operators), but we encourage any veteran homeowner to seek answers from the following resources:

Borough Presidents

Call 311 or contact your Borough President's office directly with your tax exemption questions. They may be hosting informational events you might wish to attend, or they may be able to answer your questions directly.

Council Member Steven Matteo

For veteran homeowners who live anywhere in the five boroughs, Council Member Steven Matteo has offered to answer questions and work with veteran homeowners individually to calculate their full exemption amounts. 

Call his district office at 718-980-1017

Let Us Know!

If you aren't able to get your question answered above, or you've determined that you are responsible for a higher tax amount than last year--please let us know so we can ensure you get the right answers. Call us: 929-427-2301 or email: Briana@nycveteransalliance.org.

Veteran homeowners deserve clear answers and tax relief!