senate Bill S4963

Establishes a real property tax exemption for reservists

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Bill Status


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

  • 02 / May / 2013
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 08 / Jan / 2014
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

Summary

Establishes a real property tax exemption for reservists.

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Bill Details

See Assembly Version of this Bill:
A6027
Versions:
S4963
Legislative Cycle:
2013-2014
Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Real Property Tax Law
Laws Affected:
Add ยง458-c, RPT L
Versions Introduced in 2011-2012 Legislative Cycle:
S5231, A8277

Sponsor Memo

BILL NUMBER:S4963

TITLE OF BILL: An act to amend the real property tax law, in relation
to establishing an exemption for reservists

PURPOSE: To establish a real property tax exemption for members of
the reserve force of the United States Military.

SUMMARY OF PROVISIONS:

Section one of the bill adds a new section 458-c to the real property
tax law to define reservists and related terms. It also provides the
formula for a real property tax exemption, and authorizes localities
to adopt a local law providing that these exemptions be granted. It
also sets forth requirements for administration of these exemptions,
and authorizes that localities may repeal the local law.

Section two provides the effective date of the bill.

JUSTIFICATION: This legislation is intended to provide reservists
with a real property tax exemption. Reservists of the United States
Military have served our country during many periods of war and they
deserve the same real property tax exemptions as are already allowed
for other veterans of war. Most recently, Cold War veterans were given
such exemptions in legislation passed in 2007.

Veteran's exemptions are currently available to veterans who served
during specific periods of war. However, reservists, who have served
their country in these same conflicts, are excluded from receiving
this same benefit. This bill addresses this inequity.

LEGISLATIVE HISTORY: S.5231, 2011: Passed the Senate, 2012: Reported
from Veterans, Homeland Security and Military Affairs to Finance

FISCAL IMPLICATIONS: None to the state.

EFFECTIVE DATE: On the first of January next succeeding the date on
which it shall have become a law, and shall apply to assessment roles
prepared on the basis of taxable status dates occurring on or after
such date.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4963

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 2, 2013
                               ___________

Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Veterans, Homeland Securi-
  ty and Military Affairs

AN ACT to amend the real property tax law, in relation  to  establishing
  an exemption for reservists

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property tax  law  is  amended  by  adding  a  new
section 458-c to read as follows:
  S  458-C. RESERVIST EXEMPTION. 1. THE FOLLOWING TERMS WHENEVER USED OR
REFERRED TO IN THIS SECTION SHALL HAVE THE FOLLOWING MEANINGS  UNLESS  A
DIFFERENT MEANING CLEARLY APPEARS IN THE CONTEXT:
  (A)  "RESERVIST"  MEANS ANY MEMBER OF THE FEDERAL RESERVE FORCE OF THE
UNITED STATES MILITARY.
  (B) "PERIOD OF WAR" MEANS THE SPANISH-AMERICAN WAR; THE MEXICAN BORDER
PERIOD; WORLD WAR I; WORLD WAR II; THE HOSTILITIES, KNOWN AS THE  KOREAN
WAR,  WHICH  COMMENCED  JUNE  TWENTY-SEVENTH, NINETEEN HUNDRED FIFTY AND
TERMINATED ON JANUARY THIRTY-FIRST,  NINETEEN  HUNDRED  FIFTY-FIVE;  THE
HOSTILITIES,  KNOWN AS THE VIETNAM WAR, WHICH COMMENCED FEBRUARY TWENTY-
EIGHTH, NINETEEN HUNDRED SIXTY-ONE AND TERMINATED ON MAY SEVENTH,  NINE-
TEEN  HUNDRED  SEVENTY-FIVE;  AND  THE HOSTILITIES, KNOWN AS THE PERSIAN
GULF CONFLICT, WHICH COMMENCED AUGUST SECOND, NINETEEN HUNDRED NINETY.
  (C) "SERVICE CONNECTED" MEANS, WITH RESPECT TO  DISABILITY  OR  DEATH,
THAT  SUCH  DISABILITY  WAS  INCURRED  OR  AGGRAVATED, OR THAT THE DEATH
RESULTED FROM A DISABILITY INCURRED OR AGGRAVATED, IN LINE  OF  DUTY  IN
THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
  (D)  "QUALIFIED OWNER" MEANS A RESERVIST, THE SPOUSE OF A RESERVIST OR
THE UNREMARRIED SURVIVING SPOUSE OF A RESERVIST. WHERE PROPERTY IS OWNED
BY MORE THAN ONE QUALIFIED OWNER, THE EXEMPTION TO WHICH EACH  IS  ENTI-
TLED  MAY BE COMBINED. WHERE A RESERVIST IS ALSO THE UNREMARRIED SURVIV-
ING SPOUSE OF A RESERVIST OR VETERAN, SUCH PERSON MAY ALSO  RECEIVE  ANY
EXEMPTION TO WHICH THE DECEASED SPOUSE WAS ENTITLED.
  (E)  "QUALIFYING  RESIDENTIAL REAL PROPERTY" MEANS PROPERTY OWNED BY A
QUALIFIED OWNER WHICH IS  USED  EXCLUSIVELY  FOR  RESIDENTIAL  PURPOSES;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09376-01-3

S. 4963                             2

PROVIDED  HOWEVER, THAT IN THE EVENT ANY PORTION OF SUCH PROPERTY IS NOT
SO USED EXCLUSIVELY FOR RESIDENTIAL  PURPOSES  BUT  IS  USED  FOR  OTHER
PURPOSES,  SUCH  PORTION  SHALL BE SUBJECT TO TAXATION AND THE REMAINING
PORTION  ONLY  SHALL  BE  ENTITLED  TO  THE  EXEMPTION  PROVIDED BY THIS
SECTION. SUCH PROPERTY MUST BE THE PRIMARY RESIDENCE OF THE RESERVIST OR
UNREMARRIED SURVIVING SPOUSE OF THE RESERVIST, UNLESS THE  RESERVIST  OR
UNREMARRIED  SURVIVING SPOUSE IS ABSENT FROM THE PROPERTY DUE TO MEDICAL
REASONS OR INSTITUTIONALIZATION. IN THE EVENT  THE  RESERVIST  DIES  AND
THERE  IS  NO UNREMARRIED SURVIVING SPOUSE, "QUALIFYING RESIDENTIAL REAL
PROPERTY" SHALL MEAN THE PRIMARY RESIDENCE OWNED BY  A  QUALIFIED  OWNER
PRIOR  TO  DEATH, PROVIDED THAT THE TITLE TO THE PROPERTY BECOMES VESTED
IN THE DEPENDENT FATHER OR MOTHER OR DEPENDENT CHILD OR  CHILDREN  UNDER
TWENTY-ONE YEARS OF AGE OF A RESERVIST BY VIRTUE OF DEVISE BY OR DESCENT
FROM  THE  DECEASED  QUALIFIED  OWNER, PROVIDED THAT THE PROPERTY IS THE
PRIMARY RESIDENCE OF ONE OR ALL OF THE DEVISEES.
  (F) "LATEST STATE EQUALIZATION RATE"  MEANS  THE  LATEST  FINAL  STATE
EQUALIZATION  RATE  OR  SPECIAL  EQUALIZATION  RATE  ESTABLISHED  BY THE
COMMISSIONER PURSUANT TO ARTICLE TWELVE OF THIS CHAPTER. THE COMMISSION-
ER SHALL ESTABLISH A SPECIAL EQUALIZATION RATE IF IT  FINDS  THAT  THERE
HAS  BEEN  A MATERIAL CHANGE IN THE LEVEL OF ASSESSMENT SINCE THE ESTAB-
LISHMENT OF THE LATEST STATE EQUALIZATION RATE, BUT IN  NO  EVENT  SHALL
SUCH  SPECIAL  EQUALIZATION  RATE EXCEED ONE HUNDRED.  IN THE EVENT THAT
THE STATE EQUALIZATION RATE EXCEEDS ONE HUNDRED, THEN THE  STATE  EQUAL-
IZATION  RATE  SHALL  BE  ONE  HUNDRED FOR THE PURPOSES OF THIS SECTION.
WHERE A SPECIAL EQUALIZATION RATE IS ESTABLISHED FOR  PURPOSES  OF  THIS
SECTION, THE ASSESSOR IS DIRECTED AND AUTHORIZED TO RECOMPUTE THE RESER-
VIST EXEMPTION ON THE ASSESSMENT ROLL BY APPLYING SUCH SPECIAL EQUALIZA-
TION  RATE  INSTEAD OF THE LATEST STATE EQUALIZATION RATE APPLIED IN THE
PREVIOUS YEAR AND TO MAKE THE APPROPRIATE CORRECTIONS ON THE  ASSESSMENT
ROLL,  NOTWITHSTANDING  THE  FACT  THAT  SUCH  ASSESSOR  MAY RECEIVE THE
SPECIAL EQUALIZATION RATE AFTER THE COMPLETION, VERIFICATION AND  FILING
OF  SUCH  FINAL ASSESSMENT ROLL. IN THE EVENT THAT THE ASSESSOR DOES NOT
HAVE CUSTODY OF THE ROLL WHEN SUCH RECOMPUTATION  IS  ACCOMPLISHED,  THE
ASSESSOR  SHALL  CERTIFY SUCH RECOMPUTATION TO THE LOCAL OFFICERS HAVING
CUSTODY AND CONTROL OF SUCH ROLL, AND SUCH  LOCAL  OFFICERS  ARE  HEREBY
DIRECTED  AND  AUTHORIZED  TO  ENTER  THE RECOMPUTED RESERVIST EXEMPTION
CERTIFIED BY THE ASSESSOR ON SUCH ROLL.
  (G) "LATEST CLASS RATIO" MEANS THE LATEST  FINAL  CLASS  RATIO  ESTAB-
LISHED  BY  THE  COMMISSIONER PURSUANT TO TITLE ONE OF ARTICLE TWELVE OF
THIS CHAPTER FOR USE IN A SPECIAL ASSESSING UNIT AS DEFINED  IN  SECTION
EIGHTEEN HUNDRED ONE OF THIS CHAPTER.
  2. (A) QUALIFYING RESIDENTIAL REAL PROPERTY SHALL BE EXEMPT FROM TAXA-
TION  TO  THE  EXTENT  OF  FIFTEEN PERCENT OF THE ASSESSED VALUE OF SUCH
PROPERTY; PROVIDED, HOWEVER, THAT SUCH EXEMPTION SHALL NOT EXCEED TWELVE
THOUSAND DOLLARS OR THE PRODUCT OF TWELVE THOUSAND DOLLARS MULTIPLIED BY
THE LATEST STATE EQUALIZATION RATE FOR THE ASSESSING  UNIT,  OR  IN  THE
CASE  OF  A SPECIAL ASSESSING UNIT, THE LATEST CLASS RATIO, WHICHEVER IS
LESS.
  (B) IN ADDITION TO THE EXEMPTION PROVIDED BY  PARAGRAPH  (A)  OF  THIS
SUBDIVISION,  WHERE  THE  RESERVIST SERVED IN A COMBAT THEATRE OR COMBAT
ZONE OF OPERATIONS, AS DOCUMENTED  BY  THE  AWARD  OF  A  UNITED  STATES
CAMPAIGN  RIBBON  OR  SERVICE  MEDAL,  OR THE ARMED FORCES EXPEDITIONARY
MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITIONARY MEDAL, QUALIFYING  RESI-
DENTIAL  REAL  PROPERTY ALSO SHALL BE EXEMPT FROM TAXATION TO THE EXTENT
OF TEN PERCENT OF THE ASSESSED VALUE OF SUCH PROPERTY; PROVIDED,  HOWEV-
ER,  THAT  SUCH EXEMPTION SHALL NOT EXCEED EIGHT THOUSAND DOLLARS OR THE

S. 4963                             3

PRODUCT OF EIGHT THOUSAND DOLLARS MULTIPLIED BY THE LATEST STATE  EQUAL-
IZATION RATE FOR THE ASSESSING UNIT, OR IN THE CASE OF A SPECIAL ASSESS-
ING UNIT, THE CLASS RATIO, WHICHEVER IS LESS.
  (C)  IN  ADDITION TO THE EXEMPTIONS PROVIDED BY PARAGRAPHS (A) AND (B)
OF THIS SUBDIVISION, WHERE THE RESERVIST RECEIVED A COMPENSATION  RATING
FROM  THE  UNITED  STATES  VETERAN'S  ADMINISTRATION  OR FROM THE UNITED
STATES DEPARTMENT OF DEFENSE BECAUSE OF A SERVICE CONNECTED  DISABILITY,
QUALIFYING  RESIDENTIAL  REAL  PROPERTY SHALL BE EXEMPT FROM TAXATION TO
THE EXTENT OF THE PRODUCT OF THE ASSESSED VALUE OF SUCH PROPERTY  MULTI-
PLIED  BY  FIFTY PERCENT OF THE RESERVIST'S DISABILITY RATING; PROVIDED,
HOWEVER, THAT SUCH EXEMPTION SHALL NOT EXCEED FORTY THOUSAND DOLLARS  OR
THE  PRODUCT  OF  FORTY  THOUSAND DOLLARS MULTIPLIED BY THE LATEST STATE
EQUALIZATION RATE FOR THE ASSESSING UNIT, OR IN THE CASE  OF  A  SPECIAL
ASSESSING UNIT, THE LATEST CLASS RATIO, WHICHEVER IS LESS.  FOR PURPOSES
OF  THIS  PARAGRAPH,  WHERE  A PERSON WHO SERVED IN THE ACTIVE MILITARY,
NAVAL OR AIR SERVICE DURING A PERIOD OF WAR DIED IN SERVICE OF A SERVICE
CONNECTED DISABILITY, SUCH PERSON SHALL BE DEEMED TO HAVE BEEN  ASSIGNED
A COMPENSATION RATING OF ONE HUNDRED PERCENT.
  (D) (I) THE EXEMPTION FROM TAXATION PROVIDED BY THIS SUBDIVISION SHALL
BE  APPLICABLE TO COUNTY, CITY, TOWN AND VILLAGE TAXATION, BUT SHALL NOT
BE APPLICABLE TO TAXES LEVIED FOR SCHOOL PURPOSES.
  (II) EACH COUNTY, CITY, TOWN OR VILLAGE  MAY  ADOPT  A  LOCAL  LAW  TO
REDUCE THE MAXIMUM EXEMPTION ALLOWABLE IN PARAGRAPHS (A), (B) AND (C) OF
THIS  SUBDIVISION  TO  NINE  THOUSAND  DOLLARS, SIX THOUSAND DOLLARS AND
THIRTY THOUSAND DOLLARS, RESPECTIVELY, OR  SIX  THOUSAND  DOLLARS,  FOUR
THOUSAND DOLLARS AND TWENTY THOUSAND DOLLARS, RESPECTIVELY. EACH COUNTY,
CITY,  TOWN,  OR  VILLAGE  IS  ALSO  AUTHORIZED  TO ADOPT A LOCAL LAW TO
INCREASE THE MAXIMUM EXEMPTION ALLOWABLE IN PARAGRAPHS (A), (B) AND  (C)
OF  THIS  SUBDIVISION  TO FIFTEEN THOUSAND DOLLARS, TEN THOUSAND DOLLARS
AND FIFTY THOUSAND DOLLARS,  RESPECTIVELY;  EIGHTEEN  THOUSAND  DOLLARS,
TWELVE  THOUSAND DOLLARS AND SIXTY THOUSAND DOLLARS, RESPECTIVELY; TWEN-
TY-ONE THOUSAND DOLLARS, FOURTEEN THOUSAND DOLLARS, AND SEVENTY THOUSAND
DOLLARS, RESPECTIVELY; TWENTY-FOUR THOUSAND  DOLLARS,  SIXTEEN  THOUSAND
DOLLARS,  AND  EIGHTY THOUSAND DOLLARS, RESPECTIVELY; TWENTY-SEVEN THOU-
SAND DOLLARS, EIGHTEEN THOUSAND DOLLARS, AND  NINETY  THOUSAND  DOLLARS,
RESPECTIVELY;  THIRTY THOUSAND DOLLARS, TWENTY THOUSAND DOLLARS, AND ONE
HUNDRED THOUSAND DOLLARS, RESPECTIVELY; THIRTY-THREE  THOUSAND  DOLLARS,
TWENTY-TWO  THOUSAND  DOLLARS,  AND  ONE  HUNDRED  TEN THOUSAND DOLLARS,
RESPECTIVELY; THIRTY-SIX THOUSAND DOLLARS, TWENTY-FOUR THOUSAND DOLLARS,
AND ONE HUNDRED TWENTY THOUSAND DOLLARS, RESPECTIVELY.  IN  ADDITION,  A
COUNTY,  CITY,  TOWN  OR  VILLAGE  WHICH IS A "HIGH-APPRECIATION MUNICI-
PALITY" AS DEFINED IN THIS SUBPARAGRAPH IS AUTHORIZED TO ADOPT  A  LOCAL
LAW  TO  INCREASE THE MAXIMUM EXEMPTION ALLOWABLE IN PARAGRAPHS (A), (B)
AND (C) OF THIS SUBDIVISION TO THIRTY-NINE THOUSAND DOLLARS,  TWENTY-SIX
THOUSAND DOLLARS, AND ONE HUNDRED THIRTY THOUSAND DOLLARS, RESPECTIVELY;
FORTY-TWO  THOUSAND  DOLLARS,  TWENTY-EIGHT  THOUSAND  DOLLARS,  AND ONE
HUNDRED  FORTY  THOUSAND  DOLLARS,  RESPECTIVELY;  FORTY-FIVE   THOUSAND
DOLLARS, THIRTY THOUSAND DOLLARS AND ONE HUNDRED FIFTY THOUSAND DOLLARS,
RESPECTIVELY;  FORTY-EIGHT THOUSAND DOLLARS, THIRTY-TWO THOUSAND DOLLARS
AND ONE HUNDRED SIXTY THOUSAND DOLLARS, RESPECTIVELY; FIFTY-ONE THOUSAND
DOLLARS, THIRTY-FOUR THOUSAND DOLLARS AND ONE HUNDRED  SEVENTY  THOUSAND
DOLLARS,  RESPECTIVELY; FIFTY-FOUR THOUSAND DOLLARS, THIRTY-SIX THOUSAND
DOLLARS AND ONE  HUNDRED  EIGHTY  THOUSAND  DOLLARS,  RESPECTIVELY.  FOR
PURPOSES OF THIS SUBPARAGRAPH, A "HIGH-APPRECIATION MUNICIPALITY" MEANS:
(A)  A SPECIAL ASSESSING UNIT THAT IS A CITY, (B) A COUNTY FOR WHICH THE
COMMISSIONER HAS ESTABLISHED  A  SALES  PRICE  DIFFERENTIAL  FACTOR  FOR

S. 4963                             4

PURPOSES  OF THE STAR EXEMPTION AUTHORIZED BY SECTION FOUR HUNDRED TWEN-
TY-FIVE OF THIS TITLE IN THREE CONSECUTIVE YEARS, AND (C) A  CITY,  TOWN
OR VILLAGE WHICH IS WHOLLY OR PARTLY LOCATED WITHIN SUCH A COUNTY.
  3.  APPLICATION FOR EXEMPTION MUST BE MADE BY THE OWNER, OR ALL OF THE
OWNERS, OF THE PROPERTY ON A FORM PRESCRIBED BY  THE  COMMISSIONER.  THE
OWNER  OR  OWNERS SHALL FILE THE COMPLETED FORM IN THE ASSESSOR'S OFFICE
ON OR BEFORE THE APPROPRIATE TAXABLE STATUS DATE.  THE  EXEMPTION  SHALL
CONTINUE  IN  FULL  FORCE  AND EFFECT FOR ALL APPROPRIATE SUBSEQUENT TAX
YEARS AND THE OWNER OR OWNERS OF THE PROPERTY SHALL NOT BE  REQUIRED  TO
REFILE  EACH  YEAR.  APPLICANTS SHALL BE REQUIRED TO REFILE ON OR BEFORE
THE APPROPRIATE TAXABLE STATUS DATE  IF  THE  PERCENTAGE  OF  DISABILITY
PERCENTAGE  INCREASES  OR  DECREASES OR MAY REFILE IF OTHER CHANGES HAVE
OCCURRED WHICH AFFECT QUALIFICATION FOR AN INCREASED OR DECREASED AMOUNT
OF EXEMPTION. ANY APPLICANT CONVICTED OF MAKING ANY WILLFUL FALSE STATE-
MENT IN THE APPLICATION FOR SUCH  EXEMPTION  SHALL  BE  SUBJECT  TO  THE
PENALTIES PRESCRIBED IN THE PENAL LAW.
  4.  NOTWITHSTANDING  THE  PROVISIONS  OF  THIS  SECTION  OR  ANY OTHER
PROVISION OF LAW, IN A CITY HAVING A POPULATION OF ONE MILLION OR  MORE,
APPLICATIONS FOR THE EXEMPTION AUTHORIZED PURSUANT TO THIS SECTION SHALL
BE  CONSIDERED TIMELY FILED IF THEY ARE FILED ON OR BEFORE THE FIFTEENTH
DAY OF MARCH OF THE APPROPRIATE YEAR.
  5. NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS SECTION, NO  LATER
THAN  NINETY  DAYS  BEFORE  THE TAXABLE STATUS DATE NEXT OCCURRING ON OR
AFTER THE THIRTY-FIRST DAY OF DECEMBER NINETEEN HUNDRED EIGHTY-FOUR, THE
GOVERNING BOARD OF ANY COUNTY, CITY, TOWN OR VILLAGE MAY ADOPT  A  LOCAL
LAW  TO  PROVIDE  THAT  NO  EXEMPTION  SHALL BE GRANTED PURSUANT TO THIS
SECTION FOR THE PURPOSES OF TAXES LEVIED FOR SUCH COUNTY, CITY, TOWN  OR
VILLAGE.  FOR  THE  PURPOSES OF A COUNTY WHICH IS NOT AN ASSESSING UNIT,
THE  TAXABLE  STATUS  DATE  NEXT  OCCURRING   ON   OR   AFTER   DECEMBER
THIRTY-FIRST,  NINETEEN  HUNDRED  EIGHTY-FOUR  SHALL MEAN THE FIRST SUCH
TAXABLE STATUS DATE OF ANY CITY OR TOWN  WITHIN  SUCH  COUNTY  UPON  THE
ASSESSMENT  ROLL  OF  WHICH THE COUNTY LEVIES TAXES. A LOCAL LAW ADOPTED
PURSUANT TO THIS SUBDIVISION MAY BE REPEALED BY THE GOVERNING  BOARD  OF
THE  APPLICABLE COUNTY, CITY, TOWN OR VILLAGE. SUCH REPEAL MUST OCCUR AT
LEAST NINETY DAYS PRIOR TO THE TAXABLE STATUS DATE OF SUCH COUNTY, CITY,
TOWN OR VILLAGE.
  6. NOTWITHSTANDING ANY OTHER PROVISION OF LAW  TO  THE  CONTRARY,  THE
PROVISIONS  OF  THIS  SECTION  SHALL  APPLY TO ANY REAL PROPERTY HELD IN
TRUST SOLELY FOR THE BENEFIT OF A PERSON OR PERSONS WHO WOULD  OTHERWISE
BE ELIGIBLE FOR A REAL PROPERTY TAX EXEMPTION, PURSUANT TO THIS SECTION,
WERE SUCH PERSON OR PERSONS THE OWNER OR OWNERS OF SUCH REAL PROPERTY.
  7. (A) FOR THE PURPOSES OF THIS SECTION, TITLE TO THAT PORTION OF REAL
PROPERTY  OWNED  BY  A  COOPERATIVE  APARTMENT  CORPORATION  IN  WHICH A
TENANT-STOCKHOLDER OF SUCH CORPORATION RESIDES AND WHICH IS  REPRESENTED
BY HIS OR HER SHARE OR SHARES OF STOCK IN SUCH CORPORATION AS DETERMINED
BY ITS OR THEIR PROPORTIONAL RELATIONSHIP TO THE TOTAL OUTSTANDING STOCK
OF  THE  CORPORATION,  INCLUDING THAT OWNED BY THE CORPORATION, SHALL BE
DEEMED TO BE VESTED IN SUCH TENANT-STOCKHOLDER.
  (B) PROVIDED THAT ALL OTHER ELIGIBILITY CRITERIA OF THIS  SECTION  ARE
MET,  THAT PROPORTION OF THE ASSESSMENT OF SUCH REAL PROPERTY OWNED BY A
COOPERATIVE APARTMENT CORPORATION DETERMINED BY THE RELATIONSHIP OF SUCH
REAL PROPERTY VESTED IN SUCH TENANT-STOCKHOLDER TO  SUCH  REAL  PROPERTY
OWNED   BY   SUCH   COOPERATIVE  APARTMENT  CORPORATION  IN  WHICH  SUCH
TENANT-STOCKHOLDER RESIDES SHALL BE SUBJECT TO EXEMPTION  FROM  TAXATION
PURSUANT  TO THIS SECTION AND ANY EXEMPTION SO GRANTED SHALL BE CREDITED
BY THE APPROPRIATE TAXING AUTHORITY AGAINST THE  ASSESSED  VALUATION  OF

S. 4963                             5

SUCH REAL PROPERTY; THE REDUCTION IN REAL PROPERTY TAXES REALIZED THERE-
BY  SHALL  BE  CREDITED BY THE COOPERATIVE APARTMENT CORPORATION AGAINST
THE AMOUNT OF SUCH TAXES OTHERWISE PAYABLE  BY  OR  CHARGEABLE  TO  SUCH
TENANT-STOCKHOLDER.
  (C) NOTWITHSTANDING PARAGRAPH (B) OF THIS SUBDIVISION, A TENANT-STOCK-
HOLDER  WHO  RESIDES  IN A DWELLING THAT IS SUBJECT TO THE PROVISIONS OF
EITHER ARTICLE TWO, FOUR, FIVE OR ELEVEN OF THE PRIVATE HOUSING  FINANCE
LAW SHALL NOT BE ELIGIBLE FOR AN EXEMPTION PURSUANT TO THIS SECTION.
  (D)  NOTWITHSTANDING  PARAGRAPH (B) OF THIS SUBDIVISION, REAL PROPERTY
OWNED BY A COOPERATIVE CORPORATION MAY BE EXEMPT FROM TAXATION  PURSUANT
TO THIS SECTION BY A MUNICIPALITY IN WHICH SUCH PROPERTY IS LOCATED ONLY
IF THE GOVERNING BODY OF SUCH MUNICIPALITY, AFTER PUBLIC HEARING, ADOPTS
A LOCAL LAW, ORDINANCE OR RESOLUTION PROVIDING THEREFOR.
  8.  (A) AS USED IN THIS SUBDIVISION, "GOLD STAR PARENT" SHALL MEAN THE
PARENT OF A CHILD WHO DIED IN THE LINE OF  DUTY  WHILE  SERVING  IN  THE
UNITED STATES ARMED FORCES DURING A PERIOD OF WAR.
  (B)  A COUNTY, CITY, TOWN, OR VILLAGE MAY ADOPT A LOCAL LAW TO INCLUDE
A GOLD STAR PARENT  WITHIN  THE  DEFINITION  OF  "QUALIFIED  OWNER",  AS
PROVIDED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF THIS SECTION, AND TO
INCLUDE PROPERTY OWNED BY A GOLD STAR PARENT WITHIN  THE  DEFINITION  OF
"QUALIFYING  RESIDENTIAL  REAL PROPERTY" AS PROVIDED IN PARAGRAPH (E) OF
SUBDIVISION ONE OF THIS SECTION, PROVIDED THAT SUCH  PROPERTY  SHALL  BE
THE PRIMARY RESIDENCE OF THE GOLD STAR PARENT.
  (C) THE ADDITIONAL EXEMPTION PROVIDED FOR IN PARAGRAPH (C) OF SUBDIVI-
SION  TWO  OF  THIS  SECTION SHALL NOT APPLY TO REAL PROPERTY OWNED BY A
GOLD STAR PARENT.
  9. NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (C) OF SUBDIVISION  TWO
OF  THIS  SECTION  AND  SUBDIVISION THREE OF THIS SECTION, THE GOVERNING
BODY OF ANY MUNICIPALITY MAY, AFTER PUBLIC HEARING, ADOPT A  LOCAL  LAW,
ORDINANCE  OR RESOLUTION PROVIDING THAT WHERE A RESERVIST, THE SPOUSE OF
THE RESERVIST OR  UNREMARRIED  SURVIVING  SPOUSE  ALREADY  RECEIVING  AN
EXEMPTION  PURSUANT  TO  THIS  SECTION  SELLS THE PROPERTY RECEIVING THE
EXEMPTION AND PURCHASES PROPERTY WITHIN THE SAME CITY, TOWN OR  VILLAGE,
THE ASSESSOR SHALL TRANSFER AND PRORATE, FOR THE REMAINDER OF THE FISCAL
YEAR, THE EXEMPTION RECEIVED. THE PRORATED EXEMPTION SHALL BE BASED UPON
THE  DATE  THE  RESERVIST,  THE  SPOUSE  OF THE RESERVIST OR UNREMARRIED
SURVIVING SPOUSE OBTAINS TITLE TO THE NEW PROPERTY AND SHALL  BE  CALCU-
LATED  BY  MULTIPLYING  THE  TAX RATE OR RATES FOR EACH MUNICIPAL CORPO-
RATION WHICH LEVIED TAXES, OR FOR WHICH TAXES WERE LEVIED, ON THE APPRO-
PRIATE TAX ROLL USED FOR THE FISCAL  YEAR  OR  YEARS  DURING  WHICH  THE
TRANSFER  OCCURRED  TIMES THE PREVIOUSLY GRANTED EXEMPT AMOUNT TIMES THE
FRACTION OF EACH FISCAL YEAR OR YEARS REMAINING SUBSEQUENT TO THE TRANS-
FER OF TITLE. NOTHING IN THIS SECTION SHALL BE CONSTRUED TO  REMOVE  THE
REQUIREMENT  THAT  ANY  SUCH  RESERVIST,  THE SPOUSE OF THE RESERVIST OR
UNREMARRIED SURVIVING SPOUSE TRANSFERRING AN EXEMPTION PURSUANT TO  THIS
SUBDIVISION  SHALL REAPPLY FOR THE EXEMPTION AUTHORIZED PURSUANT TO THIS
SECTION ON OR BEFORE THE FOLLOWING TAXABLE STATUS  DATE,  IN  THE  EVENT
SUCH  RESERVIST,  THE  SPOUSE  OF THE RESERVIST OR UNREMARRIED SURVIVING
SPOUSE WISHES TO RECEIVE THE EXEMPTION IN FUTURE FISCAL YEARS.
  S 2. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law and shall apply to
assessment rolls prepared on the basis of taxable status dates occurring
on or after such date.

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