The Yates County Legislature has voted to increase the maximum property tax exemptions granted to military veterans.
Maximum exemption will go up to $80,000
The maximum exemption will go from $15,000 to $24,000 for wartime veterans. Combat zone veterans will receive an additional $16,000 off their property valuation for tax purposes, up from the current $10,000, and the maximum exemption for disabled veterans will increase from $50,000 to $80,000.
Yates County Administrator Nonie Flynn is happy that the county can help its military veterans, with very little cost to other taxpayers.
The increases apply to the maximum exemption available to veterans. Each veteran’s actual exemption is computed on a percentage basis. Veterans currently receiving exemptions don’t need to take any action to get an increase, and veterans who are approved for exemptions don’t need to reapply each year.
The exemption is applied to the assessed value of a property to determine its tax bill. For example, a veteran living in a $150,000 home and receiving the maximum $80,000 exemption, would be taxed as if his property were worth $70,000.
Listen to my full Inside the FLX conversation with Yates County Administrator Nonie Flynn below.