Real Property Tax Law, Section 458-B Exemption for Eligible Cold War Veterans Board of Education Discussion Presentation to the Plainedge Board of Education Peter Porrazzo – Assistant Superintendent for Business November 15, 2016
What are the current tax exemptions that were adopted by the Plainedge Board of Education? Note: The Board of Education Approved RPTL 458-A (3 – Levels), Exemptions for Wartime Veterans on February 25, 2014. All other exemptions were adopted by Board’s of Education Prior to the 2011 -2012 School Year.
Information about Real Property Tax Law (RPTL) 458-A: Wartime Veteran Exemptions Fast Facts about RPTL 458-A: • Board of Education Adopted RPTL 458-A, Exemption for Wartime Veterans on February 25, 2014 • Three Groups of Eligibility for Exemptions: • $12,000 Exemption for all eligible Wartime Veterans • $8,000 Exemption for all eligible Wartime Veterans who served in a Combat Zone • $40,000 Exemption for all eligible Wartime Disabled Veterans (Service Connected Disability) Note: The Board of Education Adopted RPTL 458-A, Exemption for Wartime Veterans on February 25, 2014. All other exemptions were adopted by Board’s of Education Prior to the 2011 -2012 School Year.
Who is Eligible for the New 458-B Exemption if Adopted? • Persons who rendered military service to the United States during the Cold War. • A Cold War veteran* is a person, male or female, who served on active duty in the United States armed forces between September 2, 1945 and December 26, 1991, and was discharged or released therefrom under honorable conditions. * Note: If a Cold War veteran receives the exemption under Real Property Tax Law Sections 458 or 458-a, he or she is not eligible to receive an exemption under Section 458-b.
What Will Be the Typical Financial Impact To Our Residents if The 458-B Exemption is Adopted? For a Typical Home Residence, Class I, in Plainedge with an *Average Assessed Value of $748: There are Currently 52 Properties in Plainedge with Veterans that Would Qualify for The Exemption. * Note: The Assessed Valuation of a Typical Home Residence, Class I, in Plainedge is set by the Nassau County Assessors Office annually.
Discussion and Questions?
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