Bill will require City to credit veteran homeowners for tax breaks lost because of a move
\nNew York, NY \u2013 Today, City Council Speaker Christine C. Quinn, Council Member Vincent Ignizio, Finance Committee Chair Domenic M. Recchia, Jr. and Veterans Committee Chair Mathieu Eugene announced legislation to reform New York City\u2019s Veterans\u2019 Property Tax Exemption. Currently, veteran homeowners lose out on property tax breaks when they move within the five boroughs because of the way the City processes benefits. For benefits to begin on July 1 of the year an owner applies, the exemption application must be submitted to the Department of Finance (DOF) by March 15 of the same year. If the homeowner moves \u2013 or fills out an application after the deadline \u2013the exemption will not take effect until July 1 of the following year. This lag results in waits of up to 16 months for exemptions to kick in. The Council\u2019s legislation, sponsored by Council Members Ignizio and Recchia, will allow recipients of the Veterans\u2019 Property Tax Exemption to have their benefits transferred and prorated when moving to a new residence.<\/p>\n
\u201cThe Veterans\u2019 Property Tax Exemption is a valuable form of support we can give to those who have served the nation and made sacrifices to protect our freedom and way of life,\u201d said Speaker Quinn. \u201cI think we can all agree that we shouldn\u2019t be punishing anyone simply because they move \u2013 we must fix this law. Providing our veterans with a little financial relief is the least we can do to thank the men and women who have done \u2013 and do \u2013 so much for our country.\u201d <\/p>\n
Veterans Exemptions are given to qualified veterans in recognition of their service to the country and community. For Fiscal year 2013, there were approximately 63,000 vets who received the exemption. The average benefit provided under this exemption is $361.<\/p>\n
Council Member Ignizio said: \u201cOur Veterans have served our country with honor and distinction and deserve our thanks — not unnecessary financial burdens from NYC. The current situation is that our Veterans have to, in essence, pay a \u2018moving tax\u2019 in the form of property tax bills that do not include their rightfully deserved veterans exemption when they move within the city. The DOF under this legislation will credit these owners with the exemption. This is a small way of making sure our veterans get what they have earned for the service they provided for all of us.\u201d<\/p>\n
\u201cIt is important that we continue to support our veterans in new and innovative ways and I am proud to be a co-sponsor on this wonderful piece of legislation. Our veterans make unimaginable sacrifices for this country and it is our responsibility to do what we can to make sure they reintegrate into civilian life with dignity and respect. This bill is a pragmatic approach to resolving the issue of transferring tax exemption benefits for veterans. I would like to commend Speaker Quinn Council Member Ignizio for their leadership on this legislation,\u201d said Council Member Eugene.<\/p>\n
\u201cThe Veterans\u2019 Property Tax Exemption is a tangible benefit and expression of our gratitude for the men and women who have served and sacrificed so much to protect our nation and our freedoms. Our veterans have more than earned this benefit and we owe it to them to make sure that it is fairly administered and a benefit that they can rely on–even when they move. I’m honored to support this legislation, which addresses the lag in benefits for veterans who transfer their exemption when they move, and want to thank Council Member Vincent Ignizio, Speaker Christine Quinn, and Council Member and Chair of the Veterans Committee Mathieu Eugene for their tremendous leadership in moving this legislation forward,\u201d said Council Member Recchia. <\/p>\n
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Bill will require City to credit veteran homeowners for tax breaks lost because of a move
\nNew York, NY \u2013 Today, City Council Speaker Christine C. Quinn, Council Member Vincent Ignizio, Finance Committee Chair Domenic M. Recchia, Jr. and Veterans Committee Chair Mathieu Eugene announced legislation to reform New York City\u2019s Veterans\u2019 Property Tax Exemption. Currently, veteran homeowners lose out on property tax breaks when they move within the five boroughs because of the way the City processes benefits.<\/p>\n
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