New York State offers veterans and employers various tax credits, exemptions, and incentives.
The Hire-a-Veteran Tax Credit, which is administered through the New York State Department of Taxation and Finance, can be worth up to $20,000 for eligible New Yorkers. Veterans may also be eligible for additional local tax exemptions that could lower their property tax bills by up to 50 percent.
Both categories of exemption allow the percentage of the exemption to be increased to as high as 50 percent if the veteran was disabled because of his or her military service.
The Department of Taxation and Finance also provides property tax relief based on the amount of eligible funds that the veteran invested in the property. Thanks to recent legislation, school districts are now authorized to offer each of these exemptions.
Of the 679 school districts statewide, 288 now grant at least one of the available veterans’ exemptions.
Because the types and amounts of exemptions offered and application deadlines vary, veterans should contact their local assessor’s office for details on how to obtain these valuable tax benefits.
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