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History
- Referred to veterans, homeland security and military affairs
- Referred to veterans, homeland security and military affairs
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Removes a cap on allowable real property tax exemptions available to certain veterans
In Assembly Committee · Veterans' Affairs · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to exemptions available to veterans
Purpose
Removes a cap on a allowable real property tax exemptions available to certain veterans.
Summary of provisions
Further amends paragraphs (a), (b) and (c) of Subdivision 2 of Section 458-a of the real property tax law by exempting qualifying residential real property from taxation up to 15% of its assessed value, in addition to which, when a veteran can show documentation that he served in a combat zone, such property will also be exempt from taxation up to 10% of its assessed value. In addition to the aforementioned exemptions, paragraph (c) provides that when a veteran is receiving a compensation because of a service related disability, qualifying residential real property will be exempt from taxation based on an established formula.
Justification
Section 456-a of the NYS Real Property Tax Law allows a veteran to receive an exemption of 15% for serving during a period of war and an additional 10% for serving in a combat zone. These figures are misleading, however, because they are keyed to a cap which uses the latest state equalization rate. When this cap kicks in at a certain market value, the exemption amount stays the same, despite the fact that the assessment climbs. By removing the cap, the veterans would receive the statutory 25%.
Legislative history
2007-08, S.141; 2005-06, S.3152.
Fiscal implications
EFFECTIVE DATE : Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.