What's happening
This bill increases the real property tax exemption for combat veterans in New York from 10% to 35%, and the exemption cap from $8,000 to $40,000.
Why it matters
Significantly increases tax relief for combat veterans. , which could free up household income, making homeownership more affordable and providing tangible recognition of veterans' service.
Raises the exemption cap fivefold (from $8,000 to $40,000). , so veterans with higher-value homes stand to benefit much more than before, potentially reducing disparities in the value of the exemption across different regions of New York.
May impact local government budgets and school funding. , as increased exemptions reduce the taxable property base, possibly shifting the tax burden to non-exempt property owners or leading to adjustments in local budgets.
Could encourage veterans to settle in or remain in New York State. , as improved property tax benefits become a more attractive incentive compared to states with less generous exemptions.
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Who cares
Headline styles
Increase Vet Property Tax Break
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Print number 3540a
- Amend and recommit to veterans, homeland security and military affairs
- 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.
Increase Veterans’ Property Tax Exemption
In Assembly Committee · Veterans' Affairs · Sponsor Matthew Titone
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3540--A
2017-2018 Regular Sessions
IN SENATE
January 24, 2017
Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Veterans, Homeland Security and Military Affairs -- recommitted to the Committee on Veterans, Homeland Security and Military Affairs in accordance with Senate Rule
6, sec. 8 -- 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.
LBD02429-02-8
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 real property tax exemptions for combat veterans
Purpose
Increases the amount combat veterans shall be exempt from real property taxation from 10% to 35%.
Summary of provisions
Section one amends paragraph (b) of subdivision 2 of section 458-a of the real property tax law.
Section two is the effective date.
Justification
Veterans who served in a combat zone protecting the United States of America should see an increase in their property tax exemption. Mili- tary personnel serving in combat zones are fighting to protect our nations freedoms by putting their lives on the line every day. To show New York's appreciation, this legislation would exempt up to 351 (currently 101) of the assessed value on their real property for combat zone soldiers. This measure would greatly benefit these brave individ- uals who have served foreign land combat zones for extended periods of time away from their families. New York State residents who are in the military and serve our country bravely, sacrifice their lives so we may enjoy peace and prosperity as a nation and a state. They deserve our respect and this bill shows our gratitude for their sacrifice as they protect our country and our freedoms.
Legislative history
2017: S.3540 - Referred to Veterans / A.6674- Referred to Veterans 2016: S.3836 - Referred to Veterans / A.2945- Referred to Veterans 2015: S.3836 - Referred to Veterans / A.2945- Referred to Veterans 2014: S.2473 - Reported to Veterans / A.3878- Referred to Veterans 2013: S.5290 - Referred to Finance / A.3878- Referred to Veterans 2012: S.5290 - Referred to Finance / A.5277- Referred to Veterans 2011: S.5290 - Referred to Finance / A.5277- Referred to Veterans 2010: S.3005 - Referred to Veterans / A.8367- Referred to Veterans 2009: S.3005 - Referred to Veterans / A.8367- Referred to Veterans 2008: S.8769 to Veterans
Fiscal implications
The Department of Taxation and Finance estimate that this bill would result in a shifting of property taxes, from properties receiving the increased exemption to other properties, of approximately $290 million per year.
Effective date
This act shall take effect immediately and shall apply to assessment rolls prepared on and after January 1, 2019.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.