Albany – New York State Senator Michael F. Nozzolio (R-Fayette) today announced a new law that he sponsored to increase real property tax savings for New York’s veterans (S.5740) will take effect on January 1, 2006.
Specifically, the new law will enhance the real property tax exemption for veterans to account for rising home assessments. It would thereby ensure that veterans do not lose property tax savings when the value of their home increases.
“The real property tax exemption provides veterans with important tax savings and is one way the State of New York says ‘Thank you’ to our veterans for all they have done to defend and protect us,” said Senator Nozzolio. “This new law takes into account the rising property values we have seen over the years, and helps ensure local veterans do not see a decrease in property tax savings as a result of an increase in their homes’ property tax assessment.”