Proposed legislation could save veterans money on property taxes
Veterans who lose out on their property tax exemptions may find a late Memorial Day present in legislation proposed by several City Council members.
As the law stands now, veteran homeowners who move within the city and fail to file an "exemption application" by March 15 may not claim the exemption until July 1 of the following year, meaning that the service member can wait as long as 16 months for the benefit. The new legislation, sponsored by Domenic Recchia, f (D-Brooklyn) and Council Member Vincent Ignizio (R-Staten Island), allows recipients of theVeterans' Property Tax Exemption to have their benefits transferred and prorated when moving to a new residence.
About 63,000 veterans received the exemption in the last fiscal year, with an average benefit of $361.
The legislation is needed to remedy what is in essence a '"moving tax' in the form of property tax bills that do not include their rightfully deserved veterans exemption when they move within the city,"Ignizio said.