Higher property-tax exemption limits for veterans will be the focus of Canandaigua's Finance Committee tonight, with city figures showing how a range of increases would affect taxable property value and the tax rate.
The Planning and Finance committees meet at 6 p.m. Monday, Oct. 19, in Council Chambers at the Hurley Building, 205 Saltonstall St., according to the agenda. City Assessor Tina Rados is scheduled to discuss proposed changes to the Alternative Veterans Exemption and their effect on the city's current limits.
Higher limits on exempt property value
The city's current maximum exemptions are $12,000 for wartime service, $8,000 for combat-zone service and $40,000 for service-connected disability. The presentation lists 11 higher combinations, beginning at $15,000, $10,000 and $50,000, respectively, and reaching $45,000, $30,000 and $150,000.
Those limits cap exemptions from assessed property value, rather than the amount deducted from a tax bill. Under New York's Alternative Veterans Exemption, eligible wartime veterans receive a 15% assessed-value reduction, with an additional 10% for combat-zone service and a separate disability component. The reductions are subject to locally selected dollar limits, according to the state's overview.
At a middle option in the city's presentation, the limits would rise to $30,000 for wartime service, $20,000 for combat-zone service and $100,000 for disability.
Comparing the tax-rate scenarios
The city's analysis holds the property-tax levy constant at $8,156,696 while comparing how the exemption options would change taxable assessed value. With the current limits, it lists $1,161,878,406 in taxable value and a rate of about $7.0203 per $1,000.
The first higher combination — $15,000, $10,000 and $50,000 — would leave $1,160,479,682 in taxable value and produce a rate of about $7.0287 per $1,000 under that same levy.
At the $30,000, $20,000 and $100,000 limits, taxable value would be $1,154,441,073 and the rate about $7.0655 per $1,000. The highest combination would leave $1,150,937,384 taxable and produce a rate of about $7.0870 per $1,000.
How to attend and what follows
Donna Cator chairs the Finance Committee, whose other members are Teale Fox, Guy Turchetti and Gwen Van Laeken. Turchetti chairs the Planning Committee, which has the same four members and no discussion items listed for tonight.
Residents can join the committee meeting by Zoom or watch the Finger Lakes Television livestream.
A Council Workshop will follow, covering “Budget101” and “Public Hearing101.” The workshop will have no Zoom option or livestream.
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