A new law increasing the amount of tax exemptions for qualifying veterans as well as Cold War veterans was passed unanimously by the Village of Manorhaven Board of Trustees.
The law was introduced at the village meeting on Nov. 27. In the village of Manorhaven, qualifying veterans enjoy various exemptions according to the law.
First, they have access to a standard veteran exemption in the amount of 15%, meaning that 15% of the property’s assessed value will be subtracted from the total value for tax purposes. This subtraction lowers the taxable amount on the qualifying veterans property.
A standard veteran exemption is a property tax benefit offered to qualifying veterans, which reduces the taxable value of a property that a veteran owns, lowering the property tax burden.
This exemption is not unlimited, however. Currently it is capped at $54,000 and multiplied by the latest state equalization rate, a factor used to adjust for differences in how local tax assessments might compare to the state’s valuation standards.
Veterans in Manorhaven who served in a combat theater receive an additional exemption of 10% of the assessed property value with an accompanying cap of $36,000 multiplied by the latest state equalization rate.
Servide-disabled veterans in Manorhaven receive an additional exemption in the amount of the assessed property value multiplied by 50% of said veteran’s disability rating with an accompanying cap of $180,000 multiplied by the latest state equalization rate.
The new law increases the sizes of the exemption limits. Under it, the standard veteran exemption is raised to $75,000, $50,000 for combat zone veterans and $250,000 for service-disabled veterans.
“The Village Board of Trustees finds that increasing these cap amounts, as authorized by state law, will provide additional property tax relief for those who have served our country” the bill stated.
While not identical, Cold War veterans in Manorhaven receive similar tax benefits.
Qualifying Cold War veterans may receive a 15% exemption of the assessed property value, subject to a cap of $54,000 multiplied by the latest state equalization rate.
In addition, Cold War service-disabled veterans receive an additional exemption in the amount of the assessed value of qualifying property multiplied by 50% of the veterans disability rating, with an accompanying cap of $180,000 multiplied by the latest state equalization rate.
The new law increases the exemption limits to $75,000 for a standard Cold War veteran and $250,000 for a disabled cold war veteran.
“The Village Board of Trustees further finds that increasing the limitations governing these Cold War veteran exemption categories, as authorized by state law, will extend additional property tax relief for eligible Cold War veterans in recognition of their service to our country” the bill said.
The next meeting of the board is Dec. 17.
