Riverhead Town will be able to increase by nearly 40 percent the real property tax exemptions it grants to veterans if a bill that passed the New York State Legislature last week is signed into law by Gov. Andrew Cuomo.
Riverhead already grants veterans the maximum real property tax exemption allowed by current law.
The town currently exempts from taxation up to $54,000 of assessed value of a veteran’s qualifying residential property. Eligible combat veterans currently get an additional exemption of up to $36,000 and the maximum exemption for disabled veterans is currently $180,000.
Those limits would be increased to $75,000, $50,000 and $250,000 respectively if Cuomo signs the bill and the town board amends town code to increase the existing limits, which were adopted in 2006.
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