Bill Text: NY S03812 | 2011-2012 | 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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-03-12 - COMMITTEE DISCHARGED AND COMMITTED TO RULES [S03812 Detail]

Download: New_York-2011-S03812-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3812
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     March 4, 2011
                                      ___________
       Introduced  by  Sen. HASSELL-THOMPSON -- read twice and ordered printed,
         and when printed to be committed to the Committee on  Veterans,  Home-
         land 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.
   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.
                                                                  LBD04029-02-1
       S. 3812                             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    S  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.