Veterans Exemptions

Female retired veteran salutes in front of USA flag

Qualifying veterans and their family members are eligible for property tax breaks in New York City.

The NYC Department of Finance celebrates National Veterans and Military Families Month. Download our flyer listing ways to save money and special enrollment events across the city.

Alternative Veterans Tax Exemption

The Alternative Veterans tax exemption is available to eligible veterans of foreign wars, expeditionary medalists, honorable dischargees, spouses/widow(er)s of veterans, and Gold Star parents.

Eligible Funds Exemption

The Eligible Funds exemption is for veterans who bought homes using "eligible funds," including pensions, bonuses, insurance, and mustering out pay. Both exemptions reduce the assessed value of the recipient’s property before taxes are assessed on it.


Thanks to changes in city and state law, the Alternative Veterans and Eligible Funds tax exemptions have been expanded and will now apply to school taxes. The typical single-family (tax class 1) home will save:


Alternative Veterans Eligible Funds
Base benefit $329 $360
Estimated additional benefit
$320 $251
Property tax savings in fiscal year 2018
$649 $611

For more information, click here.

Requirements for Alternative Veterans Benefit:

1.  Applicants for the Alternative Veterans exemption must have served in one of the following conflicts:


From To
Gulf War, Iraq and Afghanistan conflicts August 2, 1990 Present
Vietnam War February 28, 1961 May 7, 1975
Korean War June 27, 1950 January 31, 1955
World War II December 7, 1941 December 31, 1946
World War I April 6, 1917 November 11, 1918

2.  The property must be the primary residence of the owner who qualifies for the
     exemption.
 
3.  Applicants must submit DD-214 or separation papers.

Exemption Rates for Alternative Veterans and Eligible Funds Benefit:

Eligibility  Reduction of property's assessed value Maximum exemption amount by tax class
Served during a
specified period of conflict
(listed above)
15% Maximum of
$2,880 for Class 1;            
$21,600 for Classes 2 and 4
Served in a combat zone* Additional 10% Maximum of
$1,920 for Class 1;              
$14,400 for Classes 2 and 4
Disabled** Assessed value
multiplied by 50%
of the veteran’s
disability rating
Maximum of
$9,600 for Class 1;
$72,000 for Classes 2 and 4

*Combat zone refers to a location of active combat, such as Vietnam during the Vietnam War.

** Veterans designated disabled by the Veterans’ Administration may be eligible for a disabled veteran exemption. Submit a copy of a letter from the VA indicating your disability rating. Your rating can be obtained by calling the VA at 1-800-827-1000.

Veterans Exemption Deadlines

Your Homeowner Tax Benefits Application and all required documents must be postmarked by March 15 (or the next business day if March 15 is on a weekend) for your exemption to begin on July 1 of the same year.

Alternative Veterans exemption recipients who move mid-year to another property in NYC can can receive a pro-rated exemption by completing a new application for the new property.

Visit the exemptions page to learn about other tax breaks for which you might qualify.


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