ALBANY – Legislation that would authorize counties, cities, towns, villages and school districts to extend for 10 years or make permanent the Cold War veterans’ property tax exemption has passed in the State Senate sponsored by William Larkin (R, Cornwall-on-Hudson).
The bill has been sent to the Assembly.
The initial 10-year enactment period is set to expire and Larkin said
“it is incumbent upon all of us to ensure that those who served their
country honorably continue to receive the same benefits that they have
earned.”
The Cold War veterans’ property tax exemption is available on a veteran’s primary residence. It includes a 10 percent or 15 percent reduction in assessed value as adopted by the taxing jurisdiction. An additional reduction is available to a veteran who incurs a service-connected disability, equal to one-half of the service-connected disability rating Cold War period. Percentage-level benefits are subject to maximum dollar limits set by each taxing jurisdiction.
Larkin is a more than 20-year Army veteran who retired as a lieutenant colonel.
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