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History
- Referred to veterans, homeland security and military affairs
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 granting a tax exemption to persons serving in active military service of the United States in a combat zone
Purpose
This bill provides, at local option, after public hearings, a 10% real property tax exemption on the primary residence of persons in active military service who served in a combat zone during the taxable year.
Summary of provisions
This bill amends the Real Property Tax Law by adding new section 458-c which provides, at local option, after public hearings, an exemption of 10% of assessed value on primary residences owned by active military personnel who have served in a combat zone during the taxable year. It does not apply to portions of the residence not used exclusively by the qualifying person or his or her spouse as a primary residence.
Justification
This bill assists in reducing the financial burden experienced by the active military personnel in a combat zone. Many servicemen and women have taken pay cuts from their civilian jobs to serve their country in a time of need. These servicemen and women deserve support from their government and fellow citizens in many ways including, but not limited to, ameliorating financial hardship for their families back home. Additionally, the appreciation of the housing market has resulted in greater tax liabilities that are difficult to predict and prepare for. A 10% tax exemption on their primary residence is warranted and it mitigates the increasing tax burdens of home ownership.
Legislative history
2008: S.1311 - Passed Senate.
Fiscal implications
There will be a loss of revenue equal to 10% of the assessed real property of qualified persons who apply for this exemption.
Effective date
This act shall take effect immediately and shall apply to real property having a taxable status date on or after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.