Exemption will save over 53,000 veterans across the City hundreds of dollars in taxes each year
City Hall – Today, Speaker Melissa Mark-Viverito joined Committee on Finance Chair Julissa Ferreras-Copeland, Minority Leader Steve Matteo, and Veteran Affairs Chair Eric Ulrich to celebrate the passage of Intros. 1304-B and 1649, which extend the Veterans Property Tax Exemption in the Fiscal Year 2018 budget to include school taxes, and would establish the maximum exemptions allowable under the Exemption for wartime veterans, combat veterans, and veterans with service-related disabilities.
The $24.4 million exemption written into the FY 2018 budget will save the more than 53,000 veterans who own property in New York City over $400 each year, and each veteran household $595 per year.
“Veterans are the pride and backbone of our City. Through their exemplary service to our country, they embody courage, bravery, and patriotism every day,” said Speaker Melissa Mark-Viverito. “The Council has always prioritized supporting our veterans, and with this new tax exemption, we hope to help provide much-needed tax relief to our veteran homeowners. I want to thank Finance Chair Ferreras-Copeland, Minority Leader Steve Matteo, and Veteran Affairs Chair Eric Ulrich for their hard work and advocacy in pushing for this funding in the FY 2018 budget. We owe a debt of gratitude to those who have served, and this tax exemption will work towards relieving the financial burdens of property ownership that many veterans face.”
“New York City is home to 210,000 veterans all of whom, with their altruism and courage, have risked their lives and sacrificed time with their families in exchange for our safety and freedom,” said Finance Chair Julissa Ferreras-Copeland. “In a budget of over $85 billion where we forfeit plenty of tax revenue in the name of economic growth and environmental protection, this is one tax exemption that is undoubtedly worth the investment.”
“I am proud to have introduced this important legislation in the City Council, and grateful for the steadfast commitment of the Speaker and my colleagues to make this a reality. The alternative property tax exemption will provide our veterans with the real financial relief they unquestionably deserve, and undoubtedly need in a city that is becoming less and less affordable,” said Minority Leader Steve Matteo. “We must do more to help all families remain in our communities, but I cannot think of New Yorkers more deserving than those who served and sacrificed for our country.”
“As Chairman of the Veterans Committee, I am thrilled that next year’s budget includes the expansion of a property tax exemption for veterans who served in war,” said Councilmember Eric Ulrich. “Although it would be impossible to fully repay the debt we owe our veterans for their service, this is a major victory for the 225,000 brave men and women in uniform who call New York City home.”