Bill Text: NY S03402 | 2021-2022 | General Assembly | Introduced

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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: Moderate Partisan Bill (Democrat 21-6)

Status: (Engrossed - Dead) 2022-05-03 - referred to real property taxation [S03402 Detail]

Download: New_York-2021-S03402-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3402

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 29, 2021
                                       ___________

        Introduced by Sens. BAILEY, BENJAMIN, BIAGGI, COMRIE, GIANARIS, HOYLMAN,
          JACKSON, LIU, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVE-
          DA,  SERRANO -- 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  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.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06822-01-1
        S. 3402                             2

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