senate Bill S237

Removes a cap on allowable real property tax exemptions available to certain veterans

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Jan / 2009
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 06 / Jan / 2010
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

Summary

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Bill Details

See Assembly Version of this Bill:
A341
Versions:
S237
Legislative Cycle:
2009-2010
Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Real Property Tax Law

Sponsor Memo

BILL NUMBER: S237

TITLE OF BILL :

An act to amend the real property tax law, in relation to exemptions
available to veterans


PURPOSE :

Removes a cap on a allowable real property tax exemptions available to
certain veterans.

SUMMARY OF PROVISIONS :

Further amends paragraphs (a), (b) and (c) of Subdivision 2 of Section
458-a of the real property tax law by exempting qualifying residential
real property from taxation up to 15% of its assessed value, in
addition to which, when a veteran can show documentation that he
served in a combat zone, such property will also be exempt from
taxation up to 10% of its assessed value. In addition to the
aforementioned exemptions, paragraph (c) provides that when a veteran
is receiving a compensation because of a service related disability,
qualifying residential real property will be exempt from taxation
based on an established formula.

JUSTIFICATION :

Section 456-a of the NYS Real Property Tax Law allows a veteran to
receive an exemption of 15% for serving during a period of war and an
additional 10% for serving in a combat zone. These figures are
misleading, however, because they are keyed to a cap which uses the
latest state equalization rate. When this cap kicks in at a certain
market value, the exemption amount stays the same, despite the fact
that the assessment climbs. By removing the cap, the veterans would
receive the statutory 25%.

LEGISLATIVE HISTORY :

2007-08, S.141; 2005-06, S.3152.

FISCAL IMPLICATIONS :

EFFECTIVE DATE :
Immediately.
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