The State Legislature last year authorized school property tax exemptions for veterans who served during wartime, going back to WWII. School districts must, by school board approval, opt into the exemptions. The Riverhead Central School District is considering the measure and local veterans are asking the board to approve it. The exemptions would result in a reduction of $4 million in the district’s assessed value. An “average” taxpayer in the district would see his/her property taxes increase about $20 to $25 per year as a result of the veterans exemptions, to make up for the loss in assessed value. The increases will be somewhat higher because of a reduction in the senior citizen STAR reimbursement as a result of the application of the new exemption. See story.
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