Provides additional tax exemptions for two qualified veterans living in the same household

2 Co-sponsors

• Ruben Diaz
• Shirley L. Huntley

Title of bill

An act to amend the real property tax law, in relation to granting an additional tax exemption for two qualified veterans living in the same household

Purpose

To allow for an additional real property tax exemption when two qualified veterans reside in the same household for the alternative veterans' exemptions.

Existing law

RPT law Section 458a subsection 2a provides a real property exemption for veterans who served up to 15 % of the assessed value of such property, provided, that such exemption shall not exceed $12,000 or the product of twelve thousand dollars multiplied by the latest state equalization rate.

RPT law Section 458a subsection 2b provides an additional exemption of up to 10% of qualifying residential real property for veterans who served in a combat theatre or combat zone of operations, provided, however, that such exemption shall not exceed $8000 or the product of eight thousand dollars multiplied by the latest state equalization rate for the assessing unit.

Justification

By enlisting as a member of the armed forces a person chooses to place themselves in harms way to protect our country and our freedoms. With the United States' ongoing involvement in Iraq and Afghanistan a soldier's enlistment means there is a significant chance of deployment. When a soldier is deployed there is a financial burden placed on the families they leave behind. This is a debt that their families may endure for years to come.

New York State recognizes and rewards the soldiers who enlist and serve during a time of war by granting them an Alternative Veterans real property tax exemption. The Alternative Veterans Exemption is available only for residential property of veterans who served during wartime or received an expeditionary medal. This provides for an exemption of 15% of the assessed value to veterans who served during wartime and an additional 10% to those who served in a combat zone. Each county must "opt in" to grant this alternative exemption.

However, if two qualified veterans reside in the same household the exemption does not change or increase. This legislation will allow for an increase of the Alternative Veterans exemption for a household with two qualifying veterans. The new language provides for an addition of half of the current percentages allowed. Therefore, a household with two veterans who served during wartime would receive an exemption up to 22.5% of the assessed value of the property and additional 15% if both veterans served in a combat zone. Each county must still opt in to grant this alternative exemption. This legislation will properly recognize and reward all veterans who have served their country and who own property in New York State.

Legislative history

S.7241 of 2006 - Referred to Veterans, Homeland Security and Military Affairs S. 2840 of 2008-2009 - Referred to Veterans, Homeland Security and Military Affairs

Fiscal implications

None to the state.

Effective date

The first of January succeeding the date in which it becomes law.