City mulls extending war vet tax exemption
KINGSTON, N.Y. » Kingston lawmakers are considering extending the city’s Cold War veteran tax exemption beyond the current 10-year term.
A resolution to adopt a local law extending the exemption beyond 10 years was approved by the Common Council’s Laws and Rules Committee on Tuesday. It will go to the full council for consideration, but must have two readings before aldermen can vote on its adoption.
Alderwoman Lynn Eckert, D-Ward 1, said the local law would essentially provide eligible veterans with the exemption in “perpetuity.”
“I am pleased to support this local law and urge the Common Council to act on this opportunity to honor our local veterans and ensure that they have access to this exemption beyond the initial 10-year limitation,” Mayor Steve Noble wrote in his weekly newsletter.
More than 40 Cold War veterans currently receive the exemption on their primary residence in the city, according to the newsletter. In order to be eligible for the exemption, an honorably discharged Cold War veteran, a spouse of a Cold War veteran, or the unremarried surviving spouse of a deceased Cold War veteran must own a home and the home must be their primary residence. The exemption entitles eligible veterans to receive a reduction in their city taxable assessed value.
Qualifying Cold War veterans can receive an exemption on their property taxes of up to 10 percent of the property’s total assessment, though there are certain maximum exemptions enforced under the state’s Real Property Tax Law.
The local law must be enacted on or before the taxable status date, which is March 1, 2018, the newsletter states.
If a locality does not adopt a local law stating that the exemption will apply to qualifying property owners without regard to the 10-year limitation, the exemption will expire after 10 years, according to the newsletter.