Eligible Veterans must submit the initial exemption application form to the assessor. There is a deadline for filing.There are three different property tax exemptions available to veterans who have served in the US Armed Forces. The Veterans Exemption helps veterans and their family members reduce their property taxes. To be eligible, the property must be your primary residence. A local law amending Local Law No. 2-1985 establishing the maximum exemption allowable for the alternative veterans' exemption from real property taxation. Qualifying veterans and their family members are eligible for property tax breaks in New York City. Alternative Veterans Exemption - overview. Senior citizens, veterans, surviving spouses of eligible veterans, and disabled persons may be eligible for additional tax relief. The Veterans Agency provides in depth counseling and follow-up service on all benefits claims for veterans, their dependents and children.