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History
- Reported and committed to finance
- 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
BILL NUMBER:S3446
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
2009-10 S.237/A.341; 2007-08, S.141/A.179; 2005-06, S.3152/A.4241.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.