Amagansett Union Free School District Making a Difference

Amagansett Union Free School District Making a Difference Veteran’s Exemption Spring 2018

Veteran’s Exemptions Authorized Under Real Property Tax Law (RPTL) August 2016 RPTL 458 Amended Allowing For Cold War Exemptions Board Must Pass a Resolution Authorizing the Exemptions After a Public Hearing

How Are Your Taxes Calculated? • Property Parcels (Residential and Commercial) have an assessed value • The assessed value represents a percentage of the actual market value • Market value is determined by an equalization rate set by the state • Our equalization rate is. 57% (. 0057) • Tax rate is calculated on $1, 000 of assessed value

Exemption Limits – Reduction in Assessment Non Combat and Cold War • The lesser of 15% of assessed value or $12, 000 times the equalization rate Combat and Gold Star Parent • The lesser of 25% of assessed value or $20, 000 times the equalization rate Disabled • The lesser of one half service-connected disability rating to a maximum of $40, 000 or $40, 000 times the equalization rate • East Hampton Town calculates proper exemption

Impact of Exemptions • Does not reduce the amount of the tax levy • District does not receive additional state aid or state reimbursement • As with any reduction in total assessment supporting the levy, there will be a shift to other tax payers

BASIC, REDUCED & INCREASED MAXIMUMS Wartime Combat Zone Disability Reduced 6, 000 4, 000 20, 000 Reduced 9, 000 6, 000 30, 000 Basic Max 12, 000 8, 000 40, 000 Increased 15, 000 10, 000 50, 000 Increased 54, 000 36, 000 180, 000

Estimated Average Veteran A. V. Exemption Non Combat Veteran/Gold Star Parent $ 68. 40 $114. 00 Disabled Veteran $228. 00 Cold War Veteran $68. 40

Estimated Total Veteran A. V. Exemption Non Combat Veteran 31 @$ 68. 40 = $2, 120. 40 (AV) Combat Veteran/ Gold Star Parent 13 @$114. 00 = $1, 482. 00 (AV) Disabled Veteran 2 @$228. 00 = $456. 00 (AV) Cold War Veteran 1 @$68. 40 = $68. 40 (AV) Total Exempted Assessed Value = $4, 126. 80

Tax Rate Tax Levy $9, 575, 289. 00 Original Assessed Value $30, 891, 260. 00 New Assessed Value with Exemptions $30, 887, 133. 20 Original Tax Rate per $1, 000 AV New Tax Rate per $1, 000 AV $309. 9676 $310. 0090 Tax Rate Increase per $1, 000 AV $0. 0414

How Does it Impact the Average Homeowner • It would increase the tax rate by approximately $0. 0414 • Additional increase for Veteran Exemptions on a house assessed at: $6, 000 - $0. 2485 $7, 000 - $0. 2899 $8, 000 - $0. 3313

Estimated Average Veteran Reduction in Taxes Average Assessment Veteran Non Combat Veteran $6, 000 $20. 96 $35. 09 $70. 43 $7, 000 $20. 91 $35. 05 $70. 39 $8, 000 $20. 87 $35. 01 $70. 35 Cold War Veteran Combat Disabled Veteran Gold Star Family

Questions & Answers