To recognize the sacrifices of military veterans and their families, certain government agencies offer various benefits to these individuals. New York State offers veterans various property tax exemptions.
Here is a quick overview of these specific benefits.
Eligible Funds Exemption
This benefit is extended to veterans who bought homes using what State officials classify as eligible funds. Said finances include those garnered from payouts like wages, bonuses, pensions or insurance. Said exemption enables taxing authorities to reduce the assessed value of a specific property before taxes are factored into such calculations. The eligible funds’ exemption encompasses all city, state, town and village taxes.
Alternative Tax Exemption
This benefit is provided to veterans who completed at least a portion of war experience. Those who can prove a period of service occurred during wartime receive a 15 percent exemption on their property taxes. Moreover, those whose tours included active combat zones are eligible to receive an additional 10 percent property tax exemption.
The alternative tax emption also applies to veterans who incurred disabilities during their time of service, and who receive disability benefits. Individuals who meet these criteria are also entitled to a 50 percent property tax exemption. The specific financial benefit is calculated by taking the assessed value of the property multiplied by 50 percent of the veteran’s disability rating.
This exemption applies to all municipal taxing authorities as well as taxing school districts.
Cold War Exemption
This tax exemption is available for the residential properties owned by veterans who served during the Cold War. Taxing authorities might reduce property tax burdens of veterans who meet criteria for this benefit. That said, individuals who are currently receiving either the eligible funds or alternative veterans exemptions may not also receive the cold war benefit.
The Application Process
Applications for the eligible funds or alternative exemption exemptions can be completed either online or via paper forms. Forms can be downloaded by visiting tax.ny.gov or by contacting a New York State Department of Finance Business center. All applications are subject to specific deadlines.