Hearing on Tuesday for vets exemption for Medina school taxes
MEDINA – The Board of Education will take comments from the community on Tuesday about whether the district should adopt a tax exemption for veterans.
School districts can offer up to a 15 percent reduction in assessed value on property owned by veterans who served during a time of war. They may receive another 10 percent if they served in combat zones.
If a veteran was approved for a 15 percent exemption that would save them $349 for a house assessed at $100,000. (The school district’s tax rate is $23.31 per $1,000 of assessed property.)
Districts also have the option of giving veterans a reduction based on service-related disabilities. For example, a veteran with 100 percent disability could get a 50 percent property tax reduction.
The Board of Education will have a public hearing on the issue at 6 p.m. Tuesday in the Board Room located at the District Office, One Mustang Drive.
The district has estimated the impacts of the Alternative Veterans’ Tax Exemption for other property owners.
On a $100,000 home, with the minimum or lowest option, the estimated increase for a non-veteran would be a $32.00 or 1.37 percent tax shift. If the maximum exemption was offered, nonveterans would see a $51.00 or 2.19 percent increase in their taxes, according to school officials.
Approving the exemption would also reduce the STAR payments for district residents. The STAR is applied after other exemptions are factored.
The district is expected to discuss those impacts at Tuesday’s meeting.