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The purpose of the hearing is to provide an opportunity for the Lakeland community to express their opinions and provide input to the Board of Education prior to any action the board may take, since a tax exemption for veterans will require a tax increase for all other Lakeland taxpayers. The tax savings for Lakeland veterans would range from $317 to $1,583 annually. Non-veteran homeowners would see estimated annual tax increases ranging from .75 percent to 1 percent depending on the amount of the exemption.
The following are the components of the Basic Exemption:
Basic: Tax exemption of 15 percent of the assessed value of property, up to $12,000
Combat Zone: For veterans who are documented to have served in a combat zone, an additional tax exemption of 10 percent of the assessed value of the property, up to $8,000
Disabled Veterans: For veterans with a service-related disability rating from the Veterans' Administration or the Department of Defense, an additional tax exemption equal to 50 percent of the disability rating, not to exceed $40,000.
Qualifying property must be the primary residence of the veteran or un-remarried surviving spouse of the veteran unless either is absent from the property for medical reasons or institutionalization.
Click here for additional information.
Walter Panas High School is at 300 Croton Ave., in Cortlandt.
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