Real Property Tax Law, Section 458-B Exemption for Eligible Cold War - - PowerPoint PPT Presentation

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

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.

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)

Who is Eligible for the New 458-B Exemption if Adopted?

* 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.

• 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.

What Will Be the Typical Financial Impact To Our Residents if The 458-B Exemption is Adopted?

* Note: The Assessed Valuation of a Typical Home Residence, Class I, in Plainedge is set by the Nassau County Assessors Office annually.

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.

Discussion and Questions?