Board approves tax exemptions
The Board of Education, after public hearings, approved the Enhanced Veterans Exemption and an increase in the income threshold for seniors.
The exemptions mean that veterans and older members of our community would pay a reduced share of their school taxes.
The veterans exemption is the result of a 2013 state law that extended the veteran’s exemption to school taxes. Each school district must decide to offer the exemption; it is not automatic.
Under the exemption approved by the board, a wartime veteran would receive a $6,000 reduction in his or her assessment; a veteran who served in combat would receive a $10,000 reduction; and a disabled veteran would receive a $20,000 reduction.
Business Manager Andrew Giaquinto said the exemptions would mean a loss of $6.789 million in assessments and cost the school district $150,437
in tax dollars each year. That equals 0.53 percent on the tax rate. On a typical home with a $150,000 assessment, the tax bill would increase by $18 per year for the veterans exemption.
Veterans who do not already receive the exemption on their town and county taxes would have until March 1 to file a new application for the exemption with the town assessor.
The aged exemption increase continued a multi-year effort to increase the amount that seniors under a certain income level can exclude.
The board increased the exemption by $500, meaning a resident with income below $21,000 would receive a 50 percent exemption on their school tax bill; a resident with an income up to $28,499 would receive a 10 percent tax bill reduction.