North Salem Town Board amends local real estate tax law for veterans

War veterans who reside in North Salem stand to see a slight reduction in their real estate tax burden thanks to an amendment adopted by the Town Board Tuesday night during a public hearing. In a unanimous vote, the Board elected to increase the limits on the Alternative Veteran’s Exemption, a state law that reduces the assessed value of the primary residence of veterans who served during wartime.

“The current average savings for veterans on Town taxes is $359.59, and if passed it would increase to $501.82,” North Salem Town Supervisor Warren Lucas told the North Salem Post prior to the meeting. “It is a very small amount of money, however we always try to do things for our vets that we are allowed to do. This is legislation passed in the State and County to allow us to slightly reduce their taxes.”

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The existing Alternative Veterans Exemption provides a property tax exemption of 15 percent of assessed value to veterans who served during wartime and an additional 10 percent to those who served in a combat zone.

Lucas said that based on the current information, once the amended law is adopted, an estimated 83 properties in town would see an added benefit. The total tax savings for all veterans in town is expected to be around $17,800.

The following exemptions are the increased maximums for eligible taxpayers:

• War veterans: l5% of assessed value to a maximum of $75,000, or the product of $75,000 multiplied by the latest state equalization rate for the assessing unit.
• Combat zone veterans: l0% of assessed value to a maximum of $50,000, or the product of $50,000 multiplied by the latest state equalization rate for the assessing unit.
• Disabled veterans: the product of the assessed value of such property multiplied by 50% of the veteran's disability rating; provided, however, that such exemption shall not exceed $250,000 or the product of $250