Riverhead school board to discuss veterans tax exemption March 25
The Riverhead school board is scheduled to discuss a new property tax exemption program for veterans at its next meeting March 25.
Since the district is split between three different townships, Superintendent Nancy Carney said assessors from Riverhead, Brookhaven and Southampton have been invited to discuss how the new Alternative Veterans’ Exemption works.
The exemption law has been in effect statewide since the 1980s but has until now only been applied to the county and town’s portion of a veteran’s property tax bill. Last year, the state Legislature approved an amendment to expand the program to school districts, and Gov. Andrew Cuomo signed it into law in December.
Once a school district approves the new exemption, homeowners will have to make up the loss in revenue from the school district portion of property taxes.
The exemption benefits include a reduction of up to 15 percent in assessed value for veterans who served during a time of war and an additional 10 percent reduction in assessed value for veterans who served in combat zones, according to the legislation. Disabled veterans with war-related injuries are also eligible for additional tax reduction.
Southold and Shoreham-Wading River are the only local school districts to have adopted the exemption before March 1 in time for the 2014-15 fiscal year.
