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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.
Increases the amount of the real property tax alternative exemption for veterans
In Assembly Committee · Veterans' Affairs · Sponsor Andrew Raia
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 the veteran's alternative exemption
Purpose
This legislation would ensure veterans benefit from the veterans' alternative exemption notwithstanding an increase in property value.
Summary of provisions
Section one of this measure amends paragraphs (a), (b), (c) and (d) of section 458-a, subdivision 2 of the Real Property Tax law.
Justification
The "new" veterans' exemption, enacted by chapter 525 of the laws of 1984, provided wartime, combat zone and disabled veterans with 15%, 10% and 50% of disability rating exemptions, respectively. These exemptions are also subject to maximums of $12,000, $8,000 and $40,000 respectively. A formula utilizing the equalization rate ensures that veterans living in assessing units that assess at different percentages of full value receive similar exemptions. When enacted, the maximum value of a residence eligible for a full exemption was $80,000. Veterans whose residences exceeded this value saw the value of their exemption decline.
This bill accounts for the fact that property values have increased significantly since 1984. Veterans should not see the value of their exemptions diminish due to factors beyond their control, such as escalating housing prices. This bill accounts for inflation and adjusts veterans' exemptions accordingly. A provision is also included permitting municipalities to maintain veterans' exemptions at present levels should an increase be unwarranted.
Legislative history
,in 0 S.4358 of 2005/2006, S.3027 of 2004, S.6441 of 2002.
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to taxes levied on assessment rolls completed on and after July 1, 2002.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.