By Stephen E. Lipken
The Larchmont Board of Trustees met on Monday, October 16 and approved a Local Law regarding Veterans’ Property Tax Exemptions.
“Section 458 of the New York Real Property Tax Law affords certain veterans of military service or their families who own real property a limited exemption from real estate taxes based upon what the statute calls ‘eligible funds.’ Under Section 458, the maximum amount of the partial exemption is $7,500…However, since the Village Board anticipated that assessments of real property in the village will be revalued to reflect their full value in time for…the 2018 tentative tax assessment roll, the exemption allowed by Section 458 will be significantly diminished if the maximum amount of the exemption remains fixed at $7500.
“Subdivision (5) of Section 458 authorizes the Village Board…to adjust the maximum amount of the partial exemption which Section 458 allows to reflect revaluation, thereby continuing to make the exemption produce a reasonable reduction in real estate taxes…”
At the Work Session, Village Assessor Dan Whittemore stated that 71 parcels have veterans’ exceptions out of a total of 1800 parcels in the Village. “Of the 71 exempted Village veterans, 21 are eligible funds veterans; 29 alternate non-combat veterans; 17 alternate combat veterans and 4 are disabled veterans.
“A non-combat veteran is entitled to the first $54,000 of value of their home exempted, so $54,000 times the 1.5% State equalization rate ,the relationship between assessment and market value=$810 assessment reduction. A combat veteran is entitled to $90,000 of value of their home exempted, so $90,000 x 1.5% = $1350 assessment reduction. Tax savings for non-combat veterans in the Village is $293; combat veterans $489,” Whittemore concluded.
During the Regular Meeting, Mayor Lorraine Walsh presented Certificates of Appreciation to three little “Mayors for a Day” who helped run the meeting, Chatsworth School students Ellie Bowerman, 8; Jack Bowerman, 10 and Nash Bowerman, 7.
Finally, Trustee Peter Fanelli announced Shop Local Saturday on November 25, featuring special bargains and “Santa Claus” accompanied by Larchmont Fire Department “elves” handing out candy canes downtown as well as “Light up Larchmont” in Constitution Park on Saturday, December 2, from 3:00 p.m. to 6:00 p.m.; the lights go on at 5:15 p.m.