Yesterdaythe legislature passed a bill sponsored by Senator Hugh T. Farley (R,C-Schenectady) and Assemblyman Paul D. Tonko (D-Amsterdam) which enables localities to allow veterans who qualify for a veterans' real property tax exemption to take advantage of the value of that exemption as of the date they purchase property. Currently, they must wait until the next taxable status date to have the exemption applied to taxes. The bill is designed to assist veterans who need this now more than ever.
A veteran who qualifies for the veterans' property tax exemption may receive the benefit of the exemption from the date he or she takes ownership of the property. This legislation is modeled after the 1995 law affecting senior citizen exemptions and would authorize municipalities to adopt local laws affording eligible veterans the same opportunity.
Senator Farley explains, "Veterans should not have to wait up to a year or more to receive their exemptions. We introduced this legislation in response to specific concerns raised by individual veterans who were concerned about the loss of the value of their well-deserved property tax exemption. This is something we’ve been working on for a long time, and it’s gratifying to see this legislation pass both houses."
"Many of our veterans that have fought for our country have returned to their hometowns and delved into the American dream of home ownership. We should aid that effort by strengthening their opportunities and eliminating barriers that weaken that dream. Veterans deserve every bit of respect, gratitude and assistance we can provide," said Assemblyman Tonko. "Under current law veterans must wait until the next tax year to reap the benefits of their property tax exemption. This bill would provide veterans the value of their exemption upon taking title of the property. Our veterans are individuals who have paid service to our country through their physical, intellectual and emotional devotion to a greater good, and we should reward them for doing so."
This measure will now be forwarded to the Governor’s Office.