senate Bill S2536

2011-2012 Legislative Session

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

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to veterans, homeland security and military affairs
Jan 25, 2011 referred to veterans, homeland security and military affairs

S2536 - Bill Details

See Assembly Version of this Bill:
A4878
Current Committee:
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง458, RPT L
Versions Introduced in 2009-2010 Legislative Session:
A3531

S2536 - Bill Texts

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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.

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BILL NUMBER:S2536

TITLE OF BILL:
An act
to amend the real property tax law, in relation to increasing
exemption for veterans

PURPOSE OR GENERAL IDEA:
Amends paragraph two,
subdivision one of Section 458 of the Real Property Tax Law to increase
the exemption a veteran may receive on real property purchased with
eligible funds from the present $5,000 to $7,500 of the assessed value
of that property.

SUMMARY OF SPECIFIC PROVISIONS:
Amends paragraph two,
subdivision one of Section 458 of the Real Property Tax Law to provide
that real property owned by a veteran shall be exempt up to $7,500 of
assessed valuation when the property shall have been purchased with
eligible funds. Any established or newly claimed exemption in excess of
fifty dollars shall be allowed as the nearest multiple of fifty dollars
and if there is no nearest multiple of fifty dollars the exemption shall
be allowed in the amount of the next higher multiple of fifty dollars.
Claims for exemption can be granted even if there is a mingling of such
eligible funds with other funds or their retention by the United States
for insurance premiums.

JUSTIFICATION:
This act will make more realistic and
meaningful, the value of the exemption which was within the intent of
the Legislature when it originally passed the law. The dollar value has
certainly decreased at least 50% since the law was originally enacted
more than twenty years ago. This act, while changing the dollar amount
of the exemption, will afford the veteran homeowner substantially the
same value of tax relief as he first received when the law originally
went into effect.

PRIOR LEGISLATIVE HISTORY:
None.

FISCAL IMPLICATION FOR STATE AND LOCAL GOVERNMENTS:
Undetermined.

EFFECTIVE DATE:
This act shall take effect on the
first of July next succeeding the date on which
it shall have become a law.

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

                                  2536

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 25, 2011
                               ___________

Introduced  by Sen. GIANARIS -- 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  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.
                                                           LBD05757-01-1

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