Increases the veteran's real property tax exemption from $5000 to $7500

1 Co-sponsor

• Terry Gipson

BILL NUMBER:S592

Title of bill

An act to amend the real property tax law, in relation to increasing exemption for veterans

Purpose or general idea

Amends paragraph two, subdivision one of Section 458 of the Real Property Tax Law to increase the exemption a veteran may receive on real property purchased with eligible funds from the present $5,000 to $7,500 of the assessed value of that property.

Summary of specific provisions

Amends paragraph two, subdivision one of Section 458 of the Real Property Tax Law to provide that real property owned by a veteran shall be exempt up to $7,500 of assessed valuation when the property shall have been purchased with eligible funds. Any established or newly claimed exemption in excess of fifty dollars shall be allowed as the nearest multiple of fifty dollars and if there is no nearest multiple of fifty dollars the exemption shall be allowed in the amount of the next higher multiple of fifty dollars. Claims for exemption can be granted even if there is a mingling of such eligible funds with other funds or their retention by the United States for insurance premiums.

Justification

This act will make more realistic and meaningful, the value of the exemption which was within the intent of the Legislature when it originally passed the law. The dollar value has certainly decreased at least 5096 since the law was originally enacted more than twenty years ago. This act, while changing the dollar amount of the exemption, will afford the veteran homeowner substantially the same value of tax relief as he first received when the law originally went into effect.

Prior legislative history

2012: Senate Bill 2535 (Gianaris) - Died in Senate Veterans, Homeland Security & Military Affairs Committee 2012: Assembly Bill 4878 (Simotas) - Died in Assembly Veterans' Affairs Committee 2010: Assembly Bill 3531 (Gianaris) - Died in Assembly Ways & Means Committee 2008: Assembly Bill 4282 (Gianaris) - Died in Assembly Ways & Means Committee 2006: Assembly Bill 4405 (Gianaris) - Died in Assembly Ways & Means Committee 2004: Assembly Bill 2501 (Gianaris) - Died in Assembly Veterans' Affairs Committee 2002: Assembly Bill

3941 (Gianaris) - Died in Assembly Ways & Means Committee 2000: Senate Bill 483 (Onorato) - Died in Senate Veteran & Military Affairs Committee 2000: Assembly Bill 4854 (Butler) - Died in Assembly Ways & Means Committee 1998: Senate Bill 1839 (Onorato) - Died in Senate Veteran & Military Affairs Committee 1998: Assembly Bill 2723 (Butler) - Died in Assembly Veterans' Affairs Committee 1996: Senate Bill 1318 (Onorato) - Died in Senate Veteran & Military Affairs Committee 1996: Assembly Bill 2004 (Butler) - Died in Assembly Veterans' Affairs Committee

Fiscal implication for state and local governments

Undetermined.

Effective date

This act shall take effect on the first of July next succeeding the date on which it shall have become a law.