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Historical context of veterans property tax exemptions in New York City
1:28:38
ยท
79 sec
Commissioner Hendon provides historical context for veterans property tax exemptions in New York City and explains why the Cold War veterans exemption hasn't been implemented yet.
- Describes three types of veterans property tax exemptions available
- Explains that NYC previously chose to implement only two out of three exemptions
- Speculates that budget considerations may have influenced the decision
- Expresses hope that the Cold War veterans exemption can now be implemented
James Hendon
1:28:38
I can't speak to the larger piece.
1:28:40
I do know that the story I was told when we first started looking into this, when it first was flagged coming out of from council member Barelli was that years ago, the council decided to push two out of the three property tax exemptions available to the veterans.
1:28:53
Don't know if it was about the economic issues at the time, but this was more than ten years ago when we first embraced these exemptions.
1:28:58
And there are three different exemptions that every tax jurisdiction is able to employ that the state is authorized when it comes to veterans.
1:29:04
One is the eligible funds exemption, one is the alternative veterans property tax exemption, another is the cold war veterans property tax exemption.
1:29:11
Eligible funds exemption is basically I can use monies that I've earned in the military towards my purchase and it can have favorable tax implications.
1:29:18
It's the one that's not used as much but it is existing.
1:29:21
The alternative veterans tax exemption is I am a wartime era veteran and I can use this exemption.
1:29:27
This is what is used by a lot of folks right now.
1:29:29
I use it myself.
1:29:30
And then there's the cold war property tax exemption which effectively is it's for peacetime era veterans.
1:29:36
And so when I we first looked into this, it was a decision on the council side to only embrace two out of the three.
1:29:41
We presume it may be for revenue reasons budget reasons.
1:29:44
We pray that it can be fixed at this time.
1:29:47
And, you know, I don't know the inner workers, but know that, like I
Robert Holden
1:29:50
said, the administration is supportive of this.
1:29:53
I would hope so.
1:29:55
Okay.
1:29:56
I guess that's