Bill Text: NY A02124 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 2124 (Prior Session Legislation)

Introduced

Bill Title: Increases the real property tax exemption a veteran may receive on real property purchased with eligible funds from $5,000 to $7,500 of the assessed value of such property.

Spectrum: Slight Partisan Bill (Democrat 9-5)

Status: (Passed) 2014-11-07 - signed chap.425 [A02124 Detail]

Download: New_York-2013-A02124-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2124
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by M. of A. SIMOTAS, MONTESANO, COLTON, MILLER, MALLIOTAKIS,
         HOOPER -- Multi-Sponsored by -- M. of A. PALMESANO, RAIA -- read  once
         and referred to the Committee on Veterans' Affairs
       AN  ACT  to  amend  the real property tax law, in relation to increasing
         exemption for veterans
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.    Paragraph 2 of subdivision 1 of section 458 of the real
    2  property tax law, as amended by chapter 488 of  the  laws  of  1998,  is
    3  amended to read as follows:
    4    (2)  Except  as  provided in subdivision five of this section, no such
    5  exemption on account of eligible funds paid on account  of  military  or
    6  naval  services  rendered by an individual shall be allowed in excess of
    7  [five] SEVEN thousand FIVE HUNDRED dollars. For  the  purposes  of  this
    8  subdivision any established exemption, or newly claimed exemption, or an
    9  aggregate  thereof,  as  the  case  may be, in excess of any multiple of
   10  fifty dollars shall be regarded as being the nearest multiple  of  fifty
   11  dollars  and allowed in such amount. If the amount of such exemption has
   12  no nearest multiple of fifty dollars, it shall be regarded as being  the
   13  next  higher  multiple  of fifty dollars and allowed in such amount. The
   14  mingling of such eligible funds with other funds or their  retention  by
   15  the United States for insurance premiums shall not bar the granting of a
   16  claim for such exemption.
   17    S  2.  This act shall take effect on the first of July next succeeding
   18  the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01852-01-3