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County sets hearing for veterans exemption ADVERTISEMENT

County sets hearing for veterans exemption

PENN YAN-- The Yates County Legislature voted unanimously Monday, Dec. 11 to conduct a public hearing Friday, Dec. 29 at 11 a.m. to consider a local law authorizing an alternative tax exemption for cold war veterans.
Cold war veterans, as defined by the state of New York, includes military service rendered from Sept. 2, 1945 through Dec. 26, 1991.
The exemption is in the amount of 10 percent of the assessed value of a property, provided that the exemption does not exceed $4,000 or the product of $4,000 multiplied by the latest state equalization rate of the property's assessing unit and the exemption is subject to the definitions, limitations and requirements of subsection 458-b of New York State Real Property Tax Law.
In addition, for a veteran who has received a service-connected disability rating from the Veteran's Administration or the U.S. Department of Defense, there is an exemption which is equal to one-half of the disability rating, multiplied by the assessed value of the property with an exemption of up to $20,000.
Meghan Kincaid, director for Yates County real property tax services said, "People will still apply for this at their local town municipality. If this is voted in, this exemption applies to the county portion of their taxes."
The county resolution, if approved, reads that this local law will take effect immediately upon its filing with the Secretary of State and will be applicable to all assessment rolls prepared for the first taxable status date after the effective date.

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