What's happening
This bill increases the real property tax exemption for combat veterans in New York from 10% to 35% and raises the exemption cap.
Why it matters
Significantly increases financial relief for combat veterans. by raising the property tax exemption from 10% to 35%, which could make homeownership more affordable for those who served in combat zones.
Raises the exemption cap from $8,000 to $40,000. , meaning veterans can now exempt a much larger portion of their home’s assessed value from property taxes, leading to potentially substantial annual savings.
May provide greater economic stability for veteran families. , especially those on fixed incomes, by reducing their long-term housing costs and potentially boosting their disposable income.
Could impact local tax revenues and budgets. , as municipalities may need to adjust for the larger exemption and its effect on the overall tax base, potentially shifting the tax burden or necessitating budgetary changes.
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Who cares
Headline styles
Increase Veterans’ Property Tax Exemption
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Print number 6674a
- Amend and recommit to veterans' affairs
- Referred to veterans' affairs
- Referred to veterans' 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.
Increase Vet Property Tax Break
In Senate Committee · Veterans, Homeland Security And Military Affairs · Sponsor Andrew J. Lanza
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6674--A
2017-2018 Regular Sessions
IN ASSEMBLY
March 15, 2017
Introduced by M. of A. TITONE -- read once and referred to the Committee on Veterans' Affairs -- recommitted to the Committee on Veterans' Affairs in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the real property tax law, in relation to real property tax exemptions for combat veterans
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (b) of subdivision 2 of section 458-a of the real property tax law, as amended by chapter 473 of the laws of 2004, is amended to read as follows:
(b) In addition to the exemption provided by paragraph (a) of this subdivision, where the veteran served in a combat theatre or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, or the armed forces expeditionary medal, navy expeditionary medal, marine corps expeditionary medal, or global war on terrorism expeditionary medal, qualifying residential real property also shall be exempt from taxation to the extent of [ten] thirty-five percent of the assessed value of such property; provided, however, that such exemption shall not exceed [eight] forty thousand dollars or the product of [eight] forty thousand dollars multiplied by the latest state equalization rate for the assessing unit, or in the case of a special assessing unit, the class ratio, whichever is less.
§ 2. This act shall take effect immediately and shall apply to assessment rolls prepared on or after January 1, 2019.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02429-03-8
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.