Cold War property-tax exemption deadline nears

http://www.valleynewsonline.com/print_story.php?newsid=88030

by Carol Thompson

Cold War veterans interested in applying for the new property-tax exemption will need to file by March 1.

Oswego County Legislator Doug Malone, who was an early proponent of the benefit, said Tuesday that the Town of Oswego recently passed its local resolution to allow the exemption.

"Now we need to get the word out that they have to be in by the first of March," he said.

A local law, passed last year, provides county property-tax relief to individuals who served in the U.S. Armed Forces between Sept. 2, 1945 and Dec. 20, 1991. The New York State Legislature amended the Real Property Tax Law to enact the exemption.

According to the resolution, veterans will need to present an Honorable Discharge Form DD-214. Interested veterans should also check with their respective towns and cities for eligibility.

The exemption will be 15 percent of the assessed value of the applicable property, but cannot exceed $12,000 or the product of $12,000 multiplied by the latest state equalization rate of the assessing unit, according to the law passed by the legislature.

Any male or female who served on active duty for a period of more than 365 days in the Armed Forces is eligible to apply. To qualify, a property must be owned by a qualified owner and used exclusively for residential purposes, the proposal states.

In addition to the exemption, where the Cold War veteran received a compensation rating from the U.S. Veteran's Office or from the Department of Defense because of a service-related disability, qualifying residential real property will be exempt from taxation to the extent of the product of the assessed value multiplied by 50 percent of the Cold War veteran rating, provided the exemption does not exceed $40,000 or the product of $40,000 multiplied by the latest equalization rate for the assessing unit.

The 10-year exemption is only for county property taxes and does not include school taxes.

The law sets out conditions in the event of a property sale during the exemption period as well as stipulations when other veterans' exemptions are in place. In the event a veteran already receives the 458 or 458-b exemption, he or she will be ineligible for the Cold War exemption.

More information may be obtained from the county Real Property Tax Service office.

At the time the resolution was proposed on the floor, Legislature Chairman Barry Leemann said the exemption will not have a negative impact on taxpayers or the county budget.

Malone said he would like to see every eligible veteran apply for the exemption. "This is important and I'd like to see everyone who is eligible get it," he said.