Senate Ups Property Tax Breaks For Cold War Veterans
Measure equalizes vet tax break & extends it to co-op apartments
Cold War veterans will be eligible for the same property tax breaks as veterans of foreign wars under legislation the state Senate approved Monday.
The measure, sponsored by Senator Joseph Addabbo (D-Queens), lets towns and cities offer higher property tax exemptions to Cold War veterans, bringing them in line with the tax breaks offered to other vets. It also covers veterans in owner-occupied co-op apartments as well.
“The men and women who chose to serve and defend our county have earned our gratitude. When they signed up, they didn’t know whether they would see combat or not. We are pleased to honor their service and provide them equal access to the benefits of this program,” said Senator Shirley L. Huntley (D-Jamaica).
Monday’s legislation lets towns and cities adjust tax rates for Cold War vets without first submitting a “home-rule” petition, and for the first time, allows tax breaks to veterans who live in co-op apartments they own.
Municipalities need permission from the state to increase property tax exemptions.