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Tax Exemption Public Hearing

February 13, 2024

Alternative Veterans Exemption

Senior Citizens/Persons with Disabilities

Volunteer Firefighters and Ambulance Workers

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Veterans Exemption Levels

	Wartime	Combat Zone	Disability
2022-2023	12,000	8,000	40,000
	15,000	10,000	50,000
	18,000	12,000	60,000
	21,000	14,000	70,000
	24,000	16,000	80,000
2023-2024	27,000	18,000	90,000
	30,000	20,000	100,000
	33,000	22,000	110,000
	36,000	24,000	120,000
	39,000	26,000	130,000
	42,000	28,000	140,000
	45,000	30,000	150,000
	48,000	32,000	160,000
	51,000	34,000	170,000
Town/County Level	54,000	36,000	180,000
Additional Levels that increase by	$3,000 to a maximum of $75,000	$2,000 to a maximum of $50,000	$10,000 to a maximum of $250,000

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Impact of Veterans Exemption Increased to Town/County Level

Total Impact to Tax Payer with a $490,000 assessed value

Total Additional Tax per house	$ 133.62
Total tax $'s reallocated	$ 3,095,886

War time service	Combat Service	Disabled
15% / 54,000	10% / 36,000	50% / 180,000

Includes School Tax and Library Tax increases based on Exemption changes only.

All dollar amounts are approximate.

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Veterans Exemptions in Town of Carmel

	2022			2023			Change
Exemption Name	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value
Veterans - Wartime	335	4,026,036	0.09%	327	8,797,431	0.18%	-8	4,771,395	0.11%
Veterans - Combat	237	4,740,000	0.11%	228	10,232,625	0.21%	-9	5,492,625	0.12%
Veterans - Disability	126	4,543,910	0.10%	131	9,418,698	0.19%	5	4,874,788	0.11%
Total	698	13,309,946	0.30%	686	28,448,754	0.58%	-12	15,138,808	0.34%

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Senior Citizens and

Persons with Disabilities Exemption

Exemption allowance

Up to 50% Assessed Value (AV) exempted

2022 income limit was $29,000 for a 50% AV exemption and a sliding scale for exemption with an income limit of $37,400 (5% AV exemption)

In 2023, the Mahopac BOE voted to increase the income limit to $40,000 for a 50% AV exemption and a sliding scale for exemption with an income limit of $48,399 (5% AV exemption).

Mahopac BOE is considering increasing to the maximum allowable income limit of $50,000 for a 50% AV exemption and a sliding scale for exemption with an income limit of $58,399 (5% AV exemption).

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Impact of Senior Citizen/Persons with a Disability Exemption Increased to Maximum Level

Total Impact to Tax Payer with a $490,000 assessed value based on 2023 known exemptions at $40,000 Income Limit

Total Additional Tax per house	$23.71
Total tax $'s reallocated	$668,018

***It is not known what the impact will be with the higher exemption level as eligible homeowners will need to apply with the Town.

Includes School Tax and Library Tax increases based on Exemption changes only.

All dollar amounts are approximate.

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Senior Citizens Exemption and

Persons with Disabilities Exemption

	2022			2023			Change
Exemption Name	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value
PERSONS AGE 65 OR OVER	189	29,785,609	0.67%	186	34,234,771	0.70%	-3	4,449,162	0.10%
DISABILITIES AND LIMITED INCOME	9	1,679,570	0.04%	7	1,508,000	0.03%	-2	-171,570	0.00%
Total	198	31,465,179	0.71%	193	35,742,771	0.73%	-5	4,277,592	0.10%

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Volunteer Exemption

The Mahopac BOE approved a 3% exemption in 2023 which exempted $990,549 in taxable assessed value on 71 parcels in the Mahopac School District.

$19,328.45 was reallocated which equates to approximately $.80 for a home assessed at $490,000

Increasing to the maximum allowable exemption of 10% would equate to approximately $2.66 per year for a home assessed at $490,000.

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Impact of Volunteer Exemption Increased to Maximum Level 10%

Total Impact to Tax Payer with a $490,000 assessed value based on 2023 known exemptions

Total Additional Tax per house	$2.66
Total tax $'s reallocated	$65,000

***It is not known what the impact will be with the higher exemption level as eligible homeowners will need to apply with the Town.

Includes School Tax and Library Tax increases based on Exemption changes only.

All dollar amounts are approximate.

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Volunteer Exemption

For 2023, MCSD provided an exemption in the amount of 3% of assessed value

Volunteer firefighters and ambulance workers must have minimum service of 2 years

	2022			2023			Change
Exemption Name	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value
Volunteer	0	0	0	70	977,337	0.02%	70	977,337	0.02%

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Summary of Exemptions

Reallocation of exempted assessments to non-exempted homeowners:

	2022			2023			Change
	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value	# of Exemptions	Exempted Value	% of Total Assessed Value
Total	896	44,775,125	1.01%	949	65,168,862	1.34%	53	20,393,737	0.46%

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Summary of Exemptions

Reallocation of exempted assessments to non-exempted homeowners with an Assessed Value of $490,000:

Additional tax per house- Veterans Exemption	$133.62
Additional tax per house- Senior Citizen/Person w/Disability Exemption	$23.71
Additional tax per house- Volunteer Exemption	$2.66

Grand Total Additional Tax per house (Annual)	$159.99
Grand Total Additional Tax per house (Monthly)	$13.33
Total tax $'s reallocated	$3,828,904

Includes School Tax and Library Tax increases based on Exemption changes only.

All dollar amounts are approximate.

***The additional taxes for non-exempted homeowners is separate from any potential tax increases based on the 2024-2025 School Budget.

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