Bill Text: NY A00074 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Provides additional tax exemptions on qualifying residential real property where two or more qualified veterans live in the same household.

Spectrum: Bipartisan Bill

Status: (Introduced) 2024-05-07 - reported referred to ways and means [A00074 Detail]

Download: New_York-2023-A00074-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           74

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 4, 2023
                                       ___________

        Introduced  by  M.  of A. SAYEGH, THIELE, TAGUE, LEMONDES, DURSO -- read
          once and referred to the Committee on Real Property Taxation

        AN ACT to amend the real property tax law, in relation  to  granting  an
          additional tax exemption for two qualified veterans living in the same
          household

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraphs (a) and (b) of subdivision 2 of section 458-a of
     2  the real property tax law, paragraph (a) as amended by  chapter  899  of
     3  the laws of 1985 and paragraph (b) as amended by chapter 473 of the laws
     4  of 2004, are amended to read as follows:
     5    (a)  (i)  Qualifying  residential  real  property shall be exempt from
     6  taxation to the extent of fifteen percent of the assessed value of  such
     7  property; provided, however, that such exemption shall not exceed twelve
     8  thousand dollars or the product of twelve thousand dollars multiplied by
     9  the  latest  state  equalization  rate for the assessing unit, or in the
    10  case of a special assessing unit, the latest class ratio,  whichever  is
    11  less.
    12    (ii) In addition to the exemption provided by subparagraph (i) of this
    13  paragraph,  where  more than one veteran, qualifying under this section,
    14  lives in  the same household, qualifying residential real property  also
    15  shall  be  exempt    from  taxation  to the extent of seven and one-half
    16  percent of the assessed value of such property; provided, however,  that
    17  such  additional  exemption shall not exceed six thousand dollars or the
    18  product of six thousand dollars multiplied by the latest state equaliza-
    19  tion rate for the assessing unit, or in the case of a special  assessing
    20  unit, the latest class ratio, whichever is less.
    21    (b) (i) In addition to the exemption provided by paragraph (a) of this
    22  subdivision, where the veteran served in a combat theatre or combat zone
    23  of  operations,  as  documented by the award of a United States campaign

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01774-01-3
        A. 74                               2

     1  ribbon or service medal, or the armed forces expeditionary  medal,  navy
     2  expeditionary  medal, marine corps expeditionary medal, or global war on
     3  terrorism expeditionary medal, qualifying residential real property also
     4  shall  be  exempt  from  taxation  to  the  extent of ten percent of the
     5  assessed value of such property; provided, however, that such  exemption
     6  shall not exceed eight thousand dollars or the product of eight thousand
     7  dollars multiplied by the latest state equalization rate for the assess-
     8  ing  unit,  or in the case of a special assessing unit, the class ratio,
     9  whichever is less.
    10    (ii) In addition to the exemption provided by paragraph  (a)  of  this
    11  subdivision and the exemption provided by subparagraph (i) of this para-
    12  graph,  where  more  than  one veteran, qualifying under this paragraph,
    13  lives in the same household, qualifying residential real  property  also
    14  shall  be  exempt  from  taxation  to  the extent of five percent of the
    15  assessed value of such property; provided, however, that such additional
    16  exemption shall not exceed four thousand dollars or the product of  four
    17  thousand  dollars  multiplied  by the latest state equalization rate for
    18  the assessing unit, or in the case of  a  special  assessing  unit,  the
    19  latest class ratio, whichever is less.
    20    §  2. This act shall take effect on the first of January next succeed-
    21  ing the date on which it shall have become a law.