Bill Text: NY A00074 | 2023-2024 | General Assembly | Amended
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-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 74--A 2023-2024 Regular Sessions IN ASSEMBLY (Prefiled) January 4, 2023 ___________ Introduced by M. of A. SAYEGH, THIELE, TAGUE, LEMONDES, DURSO, HYNDMAN, JACKSON, SILLITTI -- read once and referred to the Committee on Real Property Taxation -- 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 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 may be exempt from taxation to the extent of up to 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, provided that the 21 governing body of a city, village, town, school district, fire district EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01774-02-3A. 74--A 2 1 or county, after a public hearing, adopts a local law, ordinance or 2 resolution providing therefore. The governing body of the applicable 3 city, village, town, school district, fire district or county shall 4 determine the percentage of exemption provided for in this subparagraph 5 within such local law, ordinance, or resolution, provided that such 6 exemption shall not exceed six thousand dollars or the product of six 7 thousand dollars multiplied by the latest state equalization rate for 8 the assessing unit, or in the case of a special assessing unit, the 9 latest class ratio, whichever is less. 10 (b) (i) In addition to the exemption provided by paragraph (a) of this 11 subdivision, where the veteran served in a combat theatre or combat zone 12 of operations, as documented by the award of a United States campaign 13 ribbon or service medal, or the armed forces expeditionary medal, navy 14 expeditionary medal, marine corps expeditionary medal, or global war on 15 terrorism expeditionary medal, qualifying residential real property also 16 shall be exempt from taxation to the extent of ten percent of the 17 assessed value of such property; provided, however, that such exemption 18 shall not exceed eight thousand dollars or the product of eight thousand 19 dollars multiplied by the latest state equalization rate for the assess- 20 ing unit, or in the case of a special assessing unit, the class ratio, 21 whichever is less. 22 (ii) In addition to the exemption provided by paragraph (a) of this 23 subdivision and the exemption provided by subparagraph (i) of this para- 24 graph, where more than one veteran, qualifying under this paragraph, 25 lives in the same household, qualifying residential real property also 26 may be exempt from taxation to the extent of up to five percent of the 27 assessed value of such property; provided, however, that such additional 28 exemption shall not exceed four thousand dollars or the product of four 29 thousand dollars multiplied by the latest state equalization rate for 30 the assessing unit, or in the case of a special assessing unit, the 31 latest class ratio, whichever is less provided that the governing body 32 of a city, village, town, school district, fire district or county, 33 after a public hearing, adopts a local law, ordinance or resolution 34 providing therefore. The governing body of the applicable city, 35 village, town, school district, fire district or county shall determine 36 the percentage of exemption provided for in this subparagraph within 37 such local law, ordinance, or resolution, provided that such exemption 38 shall not exceed four thousand dollars or the product of four thousand 39 dollars multiplied by the latest state equalization rate for the assess- 40 ing unit, or in the case of a special assessing unit, the latest class 41 ratio, whichever is less. 42 § 2. This act shall take effect on the first of January next succeed- 43 ing the date on which it shall have become a law.
