During her State of the City Address, Speaker Quinn announced legislation sponsored by Assembly Member Cusick and Senator Lanza to redefine the exemption as a fixed percentage of billable assessed value, like most other exemptions.
\nNew York, NY — City Council Speaker Christine C. Quinn, joined by State Assembly Member Michael Cusick, State Senator Andrew Lanza, Council Veterans Committee Chair Mathieu Eugene, Council Minority Leader James Oddo, Council Member Vincent Ignizio and Council Member Lewis Fidler, gathered to promote forthcoming legislation to reformulate 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 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 is a fixed percentage of the value of their homes, and will increase in value when the value of their home rises. The Speaker announced the proposal during her State of the City address earlier this month.
\n\u201cAlthough New York State has a homeowner\u2019s tax exemption in place for our veterans, their homes are becoming less affordable,\u201d said Council Speaker Christine C. Quinn. \u201cThrough an oddity in the law, the value of their exemption rises and falls not with the value of their home, but with how much the City spends on its schools. So, the more we spend on schools, the less veterans get. I think we can all agree that we shouldn\u2019t be punishing veterans every time we help students. That\u2019s why we\u2019re introducing State legislation sponsored by Assembly Member Cusick and Senator Lanza, to fix the problem. It\u2019s 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. 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 under, the exempted value is only partially nontaxable, and the property owner must still pay the School Tax Rate on this value. The closer the School Tax Rate is to the Property Tax Rate, the less a Veterans Property Tax Exemption will be worth.<\/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, 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
###<\/p>\n","protected":false},"excerpt":{"rendered":"
During her State of the City Address, Speaker Quinn announced legislation sponsored by Assembly Member Cusick and Senator Lanza to redefine the exemption as a fixed percentage of billable assessed value, like most other exemptions.
\nNew York, NY — City Council Speaker Christine C. Quinn, joined by State Assembly Member Michael Cusick, State Senator Andrew Lanza, Council Veterans Committee Chair Mathieu Eugene, Council Minority Leader James Oddo, Council Member Vincent Ignizio and Council Member Lewis Fidler, gathered to promote forthcoming legislation to reformulate the Veterans Property Tax Exemption.<\/p>\n
…<\/p>\n