Contact: Colleen Roche/Jennifer Chait (212) 788-2958
The bill before me today, Introductory Number 1048, is sponsored in conjunction with my Administration, Speaker Vallone and Council Members Berman, O'Donovan, Harrison, Dear, Malave-Dilan, Abel, Eristoff, Robles, Wooten, Ognibene and 27 of their colleagues. This bill would increase the maximum exemptions allowable with respect to certain veterans who receive real property tax benefits. Specifically, this bill would authorize the City's Department of Finance (DOF) to use new maximum exemptions for the purposes of calculating exemption benefits under Section 458-a of the New York State Real Property Tax Law -- commonly known as the "Alternative Veterans Exemption Program."
The maximum exemptions currently utilized by the DOF have not changed since the State's Alternative Veteran Exemption Program was first implemented in 1984, and thus have not been adjusted to conform with increases in real property assessments over the past 13 years. As a result, approximately 56 percent (about 17,500) of the eligible veteran households have been receiving less than the maximum percentage of exemption benefits allowable by law. Under Intro. 1048, DOF estimates that the new maximum exemptions would mean that at least 90% of all veteran households will now become eligible to receive the maximum percentage of exemption benefits allowable by law.
This bill is consistent with this Administration's policy of reducing the tax burden of our citizens whenever possible and moreover, it acknowledges the invaluable service of defending our country by the many veterans who have made New York City their home. Local Law 68 of 1997 -- signed less than two months ago -- extended the veterans tax exemption programs to cooperative apartments.
For the reasons previously stated, I will now sign the bill.