Thousands More In Revised Exemption
Veterans across New York State will soon get a small token of gratitude for their sacrifices to the nation: a larger property tax exemption.
Three local lawmakers-State Senators Joseph Addabbo and Michael Gianaris and Assemblywoman Aravella Simotas-gathered at Astoria Park last Thursday, Nov. 13, to announce an increase in the veterans property tax exemption from $5,000 to $7,500.
The increase came through legislation (A.2124/S.592), which passed the Assembly and Senate on June 20 and was signed into law on Nov. 7 by Gov. Andrew Cuomo.
According to the lawmakers, the increased exemption aims to help veterans statewide meet higher costs of living.
“While the cost of living has increased, it is far outweighed by the cost paid by our veterans,” said Addabbo, the ranking member of the Senate Veterans, Military Affairs and Homeland Security Committee. “Veterans need security and support, both emotional and fiscal, and this legislation is a solid step in the right direction towards creating a better quality of life for the people who gave their country so much.
“It is incumbent on all of us to take care of our veterans when they return home,” Gianaris said. “With this new law, we send a message to all those who serve that New York welcomes you back with open arms and will do everything we can to repay you for keeping our country safe.”
“The passage of this legislation is a well-deserved step towards repaying the tremendous debt of gratitude that we owe to veterans for all their sacrifices on our behalf,” added Simotas. “By easing their tax burden, we help ensure that those who honorably served their country can stay in their homes and live in the security that they have earned.”
The bill is slated to take effect on July 1, 2015, and veterans will be able to apply for the increased exemption on their 2015 tax returns.
