What's happening
This bill increases the maximum property tax exemption amounts for veterans and disabled veterans in New York State.
Why it matters
Increases tax relief for veterans and their families. By raising the maximum exemption amounts, the bill directly reduces property tax burdens for veterans, especially those with service-connected disabilities, making homeownership more affordable.
Expands support for combat veterans. The enhanced exemption for those who served in combat zones acknowledges their additional sacrifices, offering greater financial recognition for their service.
Targets assistance based on level of disability. Disabled veterans receive a higher exemption tied to the severity of their service-connected disability, ensuring those with the greatest need see the most benefit.
May impact local tax revenues and budgets. Higher exemptions mean local governments could collect less in property taxes, potentially shifting the tax burden or affecting funding for local services.
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Who cares
Headline styles
Increase Veterans Property Tax Break
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to veterans, homeland security and military affairs
- Referred to veterans, homeland security and military affairs
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2435
2017-2018 Regular Sessions
IN SENATE
January 13, 2017
Introduced by Sen. HELMING -- read twice and ordered printed, and when printed to be committed to the Committee on Veterans, Homeland Security and Military Affairs
AN ACT to amend the real property tax law, in relation to the veteran's alternative exemption
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraphs (a), (b), and (c) of subdivision 2 of section 458-a of the real property tax law, paragraph (a) as amended by chapter 899 of the laws of 1985, paragraph (b) as amended by chapter 473 of the laws of 2004, and paragraph (c) as amended by chapter 100 of the laws of 1988, are amended to read as follows:
(a) Qualifying residential real property shall be exempt from taxation to the extent of fifteen percent of the assessed value of such property; provided, however, that such exemption shall not exceed [twelve] fifteen thousand dollars or the product of [twelve] fifteen thousand dollars multiplied by the latest state equalization rate for the assessing unit, or in the case of a special assessing unit, the latest class ratio, whichever is less.
(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 percent of the assessed value of such property; provided, however, that such exemption shall not exceed [eight] ten thousand dollars or the product of [eight] ten 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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06924-02-7
S. 2435 2
(c) In addition to the exemptions provided by paragraphs (a) and (b) of this subdivision, where the veteran received a compensation rating from the United States veteran's administration or from the United States department of defense because of a service connected disability, qualifying residential real property shall be exempt from taxation to the extent of the product of the assessed value of such property multiplied by fifty percent of the veteran's disability rating; provided, however, that such exemption shall not exceed [forty] fifty thousand dollars or the product of [forty] fifty thousand dollars multiplied by the latest state equalization rate for the assessing unit, or in the case of a special assessing unit, the latest class ratio, whichever is less. For purposes of this paragraph, where a person who served in the active military, naval or air service during a period of war died in service of a service connected disability, such person shall be deemed to have been assigned a compensation rating of one hundred percent.
§ 2. This act shall take effect immediately and shall apply to taxes levied on assessment rolls completed on and after July 1, 2002.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to the veteran's alternative exemption
Purpose
This legislation would ensure veterans benefit from the veterans' alternative exemption notwithstanding an increase in property value.
Summary of provisions
Section one of this measure amends paragraphs (a), (b), (c) of section 458-a, subdivision 2 of the Real Property Tax law.
Justification
The "new" veterans' exemption, enacted by chapter 525 of the laws of 1984, provided wartime, combat zone and disabled veterans with 15%, 10% and 50% of disability rating exemptions, respectively. These exemptions are also subject to maximums of $12,000, $8,000 and $40,000 respectively. A formula utilizing the equalization rate ensures that veterans living in assessing units that assess at different percentages of full value receive similar exemptions. When enacted, the maximum value of a residence eligible for a full exemption was $80,000. Veterans whose residences exceeded this value saw the value of their exemption decline.
This bill accounts for the fact that property values have increased significantly since 1984. Veterans should not see the value of their exemptions diminish due to factors beyond their control, such as escalating housing prices. This bill accounts for inflation and adjusts veterans' exemptions accordingly. A provision is also included permitting municipalities to maintain veterans' exemptions at present levels should an increase be unwarranted.
Legislative history
S. 6441 of 2001/2002; S. 3027 of 2003/2004; S.4358 of 2005/2006; S. 710 of 2007/2008; S. 3275 of 2009/2010; S. 3214 of 2011/2012; S. 3303A of 2013/2014 S.5252 of 2015/2016
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to taxes levied on assessment rolls completed on and after July 1, 2002.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.