December 05, 2017 Veterans’ Eligible Funds Tax Exemption
KEEPING YOU INFORMED…
Governor Andrew Cuomo recently signed into law legislation extending the State’s veterans “eligible funds” property tax exemption to school taxes. This exemption allows for a reduction in the assessed value of property purchased by veterans with the use of “eligible funds;” i.e., a veteran’s pension, a bonus or insurance monies related to his/her service, compensation paid to prisoners of war, mustering out pay, etc. Prior to the enactment of this law, the “eligible funds” exemption only applied to county, city, town and village property taxes. The law now permits school boards to extend the exemption, via board resolution, to school taxes.
If you have questions regarding this exemption or need assistance preparing a board resolution adopting the exemption for your district, please contact Alyssa L. Zuckerman or one of our other attorneys by calling 631-694-2300.
THIS MEMORANDUM IS MEANT TO ASSIST IN GENERAL UNDERSTANDING OF THE CURRENT LAW. IT IS NOT TO BE REGARDED AS LEGAL ADVICE. THOSE WITH PARTICULAR QUESTIONS SHOULD SEEK THE ADVICE OF COUNSEL.
© Lamb & Barnosky, LLP 2017