Senate Bill S2435

2017-2018 Legislative Session

Increases the amount of the real property tax alternative exemption for veterans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Veterans, Homeland Security And Military Affairs Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-S2435 (ACTIVE) - Details

Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Real Property Tax Law
Laws Affected:
Amd §458-a, RPT L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3275
2011-2012: S3214
2013-2014: S3303
2015-2016: S5252

2017-S2435 (ACTIVE) - Summary

Increases the real property tax exemption for certain veterans using an alternative exemption from $12,000 to $15,000; increases the additional exemption for combat veterans from $8,000 to $10,000; increases the disabled veteran exemption from $40,000 to $50,000.

2017-S2435 (ACTIVE) - Sponsor Memo

2017-S2435 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2435
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by  Sen. HELMING -- 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 the  veteran's
   alternative exemption
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs (a), (b), and (c) of subdivision  2  of  section
 458-a  of the real property tax law, paragraph (a) as amended by chapter
 899 of the laws of 1985, paragraph (b) as amended by chapter 473 of  the
 laws of 2004, and paragraph (c) as amended by chapter 100 of the laws of
 1988, are amended to read as follows:
   (a) Qualifying residential real property shall be exempt from taxation
 to the extent of fifteen percent of the assessed value of such property;
 provided, however, that such exemption shall not exceed [twelve] FIFTEEN
 thousand  dollars  or  the  product of [twelve] FIFTEEN 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 veteran 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, navy
 expeditionary medal, marine corps expeditionary medal, or global war  on
 terrorism expeditionary medal, qualifying residential real property also
 shall  be  exempt  from  taxation  to  the  extent of ten percent of the
 assessed value of such property; provided, however, that such  exemption
 shall  not exceed [eight] TEN thousand dollars or the product of [eight]
 TEN thousand dollars multiplied by the latest  state  equalization  rate
 for  the assessing unit, or in the case of a special assessing unit, the
 class ratio, whichever is less.

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

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