Veterans Get a Financial Thank-You
South Fork veterans will get a bigger break on their property taxes soon and, depending on where they live, could see decreases in their school taxes as well.
On Tuesday, the Southampton Town Board okayed an increase in the New York State veterans tax exemption, which allows districts and municipalities to lower the assessed value of property belonging to veterans, in turn lowering their taxes. The East Hampton Town Board will hold a hearing on the matter on Feb. 25, and is expected to adopt the higher exemptions as well.
The state categorizes the tax breaks according to whether veterans have served in combat or have a service-related disability. Gold Star parents, those who have lost a child in the line of duty, are also eligible.
East Hampton Town Supervisor Larry Cantwell said he expects the board to approve the increase. “Your choice is, you don’t make this available because you’re concerned with the amount of taxes you might lose, but the board is not going to deny a way of offering some assistance to anyone who has been a veteran or participated in overseas action or any of the areas that qualify,” he said. “Our town board is going to extend the maximum benefit we can to those who qualify.”
The basic exemption for a veteran is 15 percent of assessed property value, not to exceed $75,000. The previous maximum was $54,000. Combat zone veterans may receive an additional exemption of 10 percent of the assessed value, not to exceed an additional $50,000. Veterans with service-related disabilities may be eligible for more relief, up to a maximum of $250,000, an increase of $70,000.
There are 2,400 veterans in Southampton who will be eligible for the increase in benefits, Lisa Goree, the town’s tax assessor, told the town board on Tuesday. When assessments are lowered for some properties, the rest of the town’s taxable properties must make up the difference in the total assessment.
School districts, whose taxes make up 70 percent of most tax bills, have to opt into the exemption program separately from the towns. Sagaponack is the only school district to date to approve the increased veterans’ exemption. Eileen Touhy, Sagaponack School’s business administrator, said during a public hearing on the issue last month that the tax break essentially means “recognizing the veterans for their service and saying you appreciate them.”
The Bridgehampton School District and the Sag Harbor School District approved a veterans’ tax break, at the former maximum, in February 2014. The East Hampton School District has not discussed it.