Saturday, October 11, 2008

By Larry Wilson

CORNING -- The Corning City Council is expected to approve a property tax break for Cold War veterans when it meets at 7 p.m. Monday at Corning City Hall.

City Assessor Rhonda Darling said her office is already accepting applications for the program, which exempts 15 percent of the assessed value of a Cold War veteran's property from taxation.

The maximum exemption under the plan is $12,000 for most veterans and $40,000 for those with service-connected disabilities.

The assessment reductions are available to those who served in the U.S. armed forces between Sept. 2, 1945, and Dec. 26, 1991.

Veterans who already receive property tax breaks for wartime service are not eligible to apply, Darling said.

The city estimates that about 180 veterans may qualify for the new exemption, Darling said.

It is expected to cost the municipality about $22,162 in annual tax revenue.

With a tax levy of $4.6 million, Darling said, the drop in revenue would not affect the city tax rate