senate Bill S592

Signed By Governor
2013-2014 Legislative Session

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

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Archive: Last Bill Status Via A2124 - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 07, 2014 signed chap.425
delivered to governor
Jun 20, 2014 returned to assembly
passed senate
3rd reading cal.1663
substituted for s592
Jun 20, 2014 substituted by a2124
ordered to third reading cal.1663
committee discharged and committed to rules
Jan 08, 2014 referred to veterans, homeland security and military affairs
Jan 09, 2013 referred to veterans, homeland security and military affairs

Votes

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Co-Sponsors

S592 - Bill Details

See Assembly Version of this Bill:
A2124
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง458, RPT L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2536, A4878
2009-2010: A3531

S592 - 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:S592

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 5096 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:
2012: Senate Bill
2535 (Gianaris) - Died in Senate Veterans,
Homeland Security & Military Affairs Committee
2012: Assembly Bill
4878 (Simotas) - Died in Assembly Veterans'
Affairs Committee
2010: Assembly Bill
3531 (Gianaris) - Died in Assembly Ways &
Means Committee
2008: Assembly Bill
4282 (Gianaris) - Died in Assembly Ways &
Means Committee
2006: Assembly Bill
4405 (Gianaris) - Died in Assembly Ways &
Means Committee
2004: Assembly Bill
2501 (Gianaris) - Died in Assembly Veterans'
Affairs Committee
2002: Assembly Bill


3941 (Gianaris) - Died in Assembly Ways &
Means Committee
2000: Senate Bill
483 (Onorato) - Died in Senate Veteran &
Military Affairs Committee
2000: Assembly Bill
4854 (Butler) - Died in Assembly Ways & Means
Committee
1998: Senate Bill
1839 (Onorato) - Died in Senate Veteran
& Military Affairs Committee
1998: Assembly Bill
2723 (Butler) - Died in Assembly Veterans'
Affairs Committee
1996: Senate Bill
1318 (Onorato) - Died in Senate Veteran &
Military Affairs Committee
1996: Assembly Bill
2004 (Butler) - Died in Assembly Veterans'
Affairs Committee

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
________________________________________________________________________

                                   592

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

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.
                                                           LBD01852-01-3

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