Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 04, 2023 | referred to real property taxation |
Current Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Co-Sponsors
Fred Thiele
Chris Tague
John Lemondes
Michael Durso
A74 (ACTIVE) - Details
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §458-a, RPT L
- Versions Introduced in 2021-2022 Legislative Session:
-
A4694
A74 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 74 2023-2024 Regular Sessions I N A S S E M B L Y (PREFILED) January 4, 2023 ___________ Introduced by M. of A. SAYEGH, THIELE, TAGUE, LEMONDES, DURSO -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to granting an additional tax exemption for two qualified veterans living in the same household THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (a) and (b) 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 and paragraph (b) as amended by chapter 473 of the laws of 2004, are amended to read as follows: (a) (I) 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 thousand dollars or the product of twelve 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. (II) IN ADDITION TO THE EXEMPTION PROVIDED BY SUBPARAGRAPH (I) OF THIS PARAGRAPH, WHERE MORE THAN ONE VETERAN, QUALIFYING UNDER THIS SECTION, LIVES IN THE SAME HOUSEHOLD, QUALIFYING RESIDENTIAL REAL PROPERTY ALSO SHALL BE EXEMPT FROM TAXATION TO THE EXTENT OF SEVEN AND ONE-HALF PERCENT OF THE ASSESSED VALUE OF SUCH PROPERTY; PROVIDED, HOWEVER, THAT SUCH ADDITIONAL EXEMPTION SHALL NOT EXCEED SIX THOUSAND DOLLARS OR THE PRODUCT OF SIX THOUSAND DOLLARS MULTIPLIED BY THE LATEST STATE EQUALIZA- TION RATE FOR THE ASSESSING UNIT, OR IN THE CASE OF A SPECIAL ASSESSING UNIT, THE LATEST CLASS RATIO, WHICHEVER IS LESS. (b) (I) 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.