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Senate Bill S2536

2011-2012 Legislative Session

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

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Sponsored By

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

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2011-S2536 (ACTIVE) - Details

See Assembly Version of this Bill:
A4878
Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง458, RPT L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3531
2013-2014: S592, A2124

2011-S2536 (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.

2011-S2536 (ACTIVE) - Sponsor Memo

2011-S2536 (ACTIVE) - Bill Text download pdf 

                            
                    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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