What's happening
This bill increases the property tax exemption for combat veterans in New York from 10% to 35% and raises the exemption cap.
Why it matters
Significantly larger property tax savings for combat veterans. Raising the exemption percentage from 10% to 35% means many veterans will see a more substantial reduction in their property tax bills, which can improve financial stability, especially for those on fixed incomes.
Higher exemption cap benefits veterans in high-cost areas. By increasing the maximum exempted amount from $8,000 to $40,000 (or the equivalent after equalization), the bill ensures that veterans in areas with higher property values can benefit more proportionally than before.
May incentivize veterans to remain or settle in New York. Enhanced tax relief could be a factor in veterans’ decisions about where to live after service, potentially making New York a more attractive and supportive state for those who served in combat zones.
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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
- Referred to veterans, homeland security and military affairs
- Referred to veterans, homeland security and military affairs
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
393
2019-2020 Regular Sessions
IN SENATE (Prefiled)
January 9, 2019
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
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, 2020.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03491-01-9
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
2018:S.3540-A - Referred to Veterans/ A.6674-A - Referred to Veterans 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.