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Assembly Bill A3531

2009-2010 Legislative Session

Increases the veteran's real property tax exemption from $5000 to $7500

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Archive: Last Bill Status - In Assembly Committee

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2009-A3531 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง458, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A4878
2013-2014: A2124

2009-A3531 (ACTIVE) - Summary

Increases the real property tax exemption a veteran may receive on real property purchased with eligible funds from $5,000 to $7,500 of the assessed value of such property.

2009-A3531 (ACTIVE) - Bill Text download pdf 

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

                                  3531

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2009
                               ___________

Introduced  by  M. of A. GIANARIS, SCHROEDER -- Multi-Sponsored by -- M.
  of A. ABBATE, CHRISTENSEN, COLTON, DINOWITZ, HIKIND, MAYERSOHN, McENE-
  NY, PHEFFER, SWEENEY -- read once and referred  to  the  Committee  on
  Veterans' Affairs

AN  ACT  to  amend  the real property tax law, in relation to increasing
  exemption for veterans

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

  Section  1.    Paragraph 2 of subdivision 1 of section 458 of the real
property tax law, as amended by chapter 488 of  the  laws  of  1998,  is
amended to read as follows:
  (2)  Except  as  provided in subdivision five of this section, no such
exemption on account of eligible funds paid on account  of  military  or
naval  services  rendered by an individual shall be allowed in excess of
[five] SEVEN thousand FIVE HUNDRED dollars. For  the  purposes  of  this
subdivision any established exemption, or newly claimed exemption, or an
aggregate  thereof,  as  the  case  may be, in excess of any multiple of
fifty dollars shall be regarded as being the nearest multiple  of  fifty
dollars  and allowed in such amount. If the amount of such exemption has
no nearest multiple of fifty dollars, it shall be regarded as being  the
next  higher  multiple  of fifty dollars and allowed in such amount. The
mingling of such eligible funds with other funds or their  retention  by
the United States for insurance premiums shall not bar the granting of a
claim for such exemption.
  S  2.  This act shall take effect on the first of July next succeeding
the date on which it shall have become a law.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05745-01-9

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