Board Adopts Tax Exemption for Cold War Veterans
On November 29, the Board of Education voted to adopt the Cold War Veterans’ Exemption at the basic level. The exemption recently became available for school districts and exempts military veterans who served during the Cold War period (1945-1991) from a portion of their property taxes.
The exemption will offer qualifying veterans living in the Chatham Central School District a savings on their school taxes by exempting 15% (with an exemption limit of $12,000) off the assessed value of their primary residence, and an additional 50% of their disability rating (exemption limit of $40,000) off their assessed value for veterans who sustained a service-related disability. Veterans already receiving the Alternative Veterans Exemption, which the Board Adopted in February, 2016, are not eligible for the Cold War exemption.
This new benefit for our veterans will not affect funding for the school budget, but will raise taxes for non-eligible property owners by an estimated 0.05%. For example, for a home valued at $200,000, property taxes are estimated to increase by $1.46 per year. To learn more about the Cold War Veterans' Exemption, visit www.tax.ny.gov.