PROBLEM: New York State appears to offer 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, however, gives school districts the option of adopting the tax exemption for veterans, which NYC’s school district has not yet explored. Additionally, differences between property tax exemptions offered by NYS and NYC for veterans are confusing and difficult to understand.
PROPOSAL: The NYC Veterans Alliance proposes a working group to clarify existing NYS and NYC veterans property tax exemption policy and its impacts on qualifying NYC veteran homeowners and propose next steps to NYC and NYS officials to implement policies that achieve true tax relief for qualifying NYC veterans as intended by law.Read more