Speaker Quinn proposed legislation sponsored by Assembly Member Cusick and Senator Lanza to redefine the exemption, ending confusion about how much U.S. Veterans\u2019 property tax exemptions are worth each year.
\nNew York, NY — City Council Speaker Christine C. Quinn, joined by State Senator Andrew Lanza, State Assembly Member Michael Cusick, Council Veterans Committee Chair Mathieu Eugene, Council Minority Leader James Oddo, Council Member Vincent Ignizio and Council Member Lewis Fidler, gathered to announce forthcoming legislation to reform the Veterans Property Tax Exemption. This change, requiring State law, is essential to address the exemption\u2019s unpredictable and highly variable value, a byproduct of the way it is designed. The reformed Veterans Property Tax Exemption would, like other exemptions, be tied exclusively to the value of the home and property taxes, rather than fluctuate according to how much the City spends on schools. As a result, veterans will be given a stable and predictable tax break that will increase in value when the value of their home rises. The Speaker announced the proposal during her State of the City address in February.
\n\u201cThe way the Veterans Property Tax Exemption is designed is unstable, prompting confusion over how much exemptions are worth from year to year,\u201d said Council Speaker Christine C. Quinn. \u201cState and federal funding cuts have created an education budget gap that the City has used its own funds to replace. Unfortunately, the value of a veteran\u2019s exemption goes down when City spending on Education goes up. So, the more we fund schools, the less veterans get. Today, we\u2019re introducing State legislation sponsored by Assembly Member Cusick and Senator Lanza to rectify this. Veterans are the protectors of the American Dream, and it is our duty to help them obtain their American Dreams, too.\u201d <\/p>\n
Veterans Exemptions are given to veterans of many armed conflicts in recognition of their service to the country and community. More than 64,000 veterans qualified for exemptions for Fiscal 2012. The Veterans Property Tax Exemption is different from other property tax breaks in the system. For most exemptions, the exempt value is fully excluded from the property tax. However, with the current Veterans exemption, the exempted value is only partially nontaxable, and the property owner must still pay the School Tax Rate on this value. The more of the Property Tax the City has to use to pay for Schools, the closer the School Tax Rate will be to the Property Tax Rate. And the closer the School Tax Rate is to the Property Tax Rate, the less a Veterans Property Tax Exemption will be worth.<\/p>\n
\u201cOur veterans have sacrificed so much to defend the freedoms this nation enjoys,\u201d said Senator Andrew J. Lanza. \u201cWhen it comes to property taxes for this exceptional group of Americans, our local property tax structure treats them as second class. In most cases, homeowners receive an exemption that is completely free from property taxes, however, our veterans are only given a partial exemption. Our veterans deserve better and together with the leadership provided by Speaker Quinn we will right this wrong.\u201d
\n\u201cVeterans of the Armed Services of our nation have given so much to our community that nothing short of a full, complete exemption would suffice,\u201d said State Assembly Member Michael Cusick. \u201cWe should continue to do all we can to honor their services.\u201d<\/p>\n
\u201cThe Veterans Tax Exemption is a valuable form of support we can provide to those who have served our country and made sacrifices to protect our freedom and way of life,\u201d said Veterans Committee Chair Mathieu Eugene. \u201cThis tax break helps us give back to veterans by helping them afford their homes and show our gratitude for their service. However, under the current law, this exemption is tied to the school tax rate, which can unfairly hurt the value of a veteran\u2019s exemption. I pledge to work together with the Speaker, my colleagues in the City Council and members of the State Legislature to reform this law and fix this problem.\u201d<\/p>\n
\u201cI think our veterans have earned the right to some consistency in the exemption afforded to them on their property taxes,\u201d said Council Minority Leader James Oddo. \u201cTheir service to this country was steadfast and the value of their property tax exemption should be grounded in that service not predicated on any other variable. It will take this bipartisan coalition to make this right and we need all of our vets to sign on for one more mission \u2013 their voices must be heard during this endeavor.\u201d<\/p>\n
\u201cThis is a great step in giving back to those who served. They certainly have earned this exemption,\u201d said Council Member Vincent Ignizio.<\/p>\n
\u201cVeterans have already sacrificed for the future of our nation. They should not have to do it again when we increase spending on the City level, for the educational future of our children,\u201d said Council Member Lewis Fidler. \u201cRestoring and maintaining the value of the Veterans Property Tax Exemption is simply the right thing to do.\u201d<\/p>\n
\u201cVeterans Across America is proud to support the efforts of Speaker Quinn and the City Council as they announce a redress to the property tax exemption for New York City veterans,\u201d said Veterans Across America Acting Director Glen Witt. \u201cUnder the present structure, the Veterans Property Tax Exemption amounts fluctuate and are unpredictable. In today\u2019s economic climate it is important to end the confusion about how much these exemptions are worth each year. As Speaker Quinn announces legislation to stabilize the exemptions to veterans, Veterans Across America urgently requests that all New Yorkers unite behind her efforts.\u201d<\/p>\n
\u201cThe United War Veterans Council joins with Speaker Quinn, Council Member Mathieu Eugene and all City and State elected officials to recognize the importance of the legislation that will end the fluctuations in the value of Veterans exemptions,\u201d said Vince McGowan, President of the United War Veterans Council and Chairman of the New York City Veterans Advisory Board. \u201cThe cost of freedom is paid in the blood of those who defend it. Stabilizing the unpredictable and unwarranted fluctuations will go a long way in bridging the effect of inconsistent taxing.\u201d<\/p>\n
\u201cWhen you come home from war you have a vision of what\u2019s to come: a good education, a great job, and a home to call your own. The changes to the tax exemption helps put the last part of that dream within reach for many New York veterans like myself,\u201d said Iraq and Afghanistan Veterans of America (IAVA) Member Maria Canales.<\/p>\n
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Speaker Quinn proposed legislation sponsored by Assembly Member Cusick and Senator Lanza to redefine the exemption, ending confusion about how much U.S. Veterans\u2019 property tax exemptions are worth each year.
\nNew York, NY — City Council Speaker Christine C. Quinn, joined by State Senator Andrew Lanza, State Assembly Member Michael Cusick, Council Veterans Committee Chair Mathieu Eugene, Council Minority Leader James Oddo, Council Member Vincent Ignizio and Council Member Lewis Fidler, gathered to announce forthcoming legislation to reform the Veterans Property Tax Exemption.<\/p>\n
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