FOR IMMEDIATE RELEASE
June 12, 2025
The Newport Town Board unanimously passed Local Law No. 4 of 2025 at its June 9, 2025 meeting, expanding property tax exemptions for veterans who have served in the United States Armed Forces. The law increases the Town’s existing wartime veteran exemptions and establishes new exemptions for Cold War veterans.
“Honoring the sacrifices and service of our local veterans through tax relief is a small way to give back to those who have given us so much,” said Town Supervisor Nathaniel Lowell. “This law expands both the amount of relief and who is eligible to better honor that service.”
Under the new law, qualifying residential property owned by wartime veterans may receive a reduction in assessed value for tax purposes, up to the following limits:
- 15% of assessed value, up to a maximum of $12,000,
- An additional 10% of assessed value for combat service, up to $8,000, and
- Up to $40,000 based on a service-connected disability rating (calculated as 50% of the veteran’s disability percentage applied to assessed value, subject to the cap).
The law also establishes a new exemption for Cold War veterans who do not qualify under the wartime provision. Qualifying Cold War veterans may receive:
- 15% of assessed value, up to a maximum of $9,000, and
- Up to $30,000 based on a service-connected disability (calculated as 50% of the veteran’s disability percentage applied to assessed value, subject to the cap).
Veterans who believe they may qualify for either exemption are encouraged to contact the Town Assessor’s Office for guidance on eligibility requirements and the application process at (315) 914-0484 or [email protected].