Bill Text: NY S02570 | 2019-2020 | General Assembly | Introduced

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Bill Title: Provides additional tax exemptions on qualifying residential real property where two or more qualified veterans live in the same household.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Engrossed - Dead) 2020-02-26 - referred to veterans' affairs [S02570 Detail]

Download: New_York-2019-S02570-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2570
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 28, 2019
                                       ___________
        Introduced  by  Sens.  BAILEY, ADDABBO, COMRIE, SAVINO, STAVISKY -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee on Veterans, Homeland Security and Military Affairs
        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:
     1    Section 1. Paragraphs (a) and (b) of subdivision 2 of section 458-a of
     2  the  real  property  tax law, paragraph (a) as amended by chapter 899 of
     3  the laws of 1985 and paragraph (b) as amended by chapter 473 of the laws
     4  of 2004, are amended to read as follows:
     5    (a) (i) Qualifying residential real  property  shall  be  exempt  from
     6  taxation  to the extent of fifteen percent of the assessed value of such
     7  property; provided, however, that such exemption shall not exceed twelve
     8  thousand dollars or the product of twelve thousand dollars multiplied by
     9  the latest state equalization rate for the assessing  unit,  or  in  the
    10  case  of  a special assessing unit, the latest class ratio, whichever is
    11  less.
    12    (ii) In addition to the exemption provided by subparagraph (i) of this
    13  paragraph, where more than one veteran, qualifying under  this  section,
    14  lives  in  the same household, qualifying residential real property also
    15  shall be exempt   from taxation to the  extent  of  seven  and  one-half
    16  percent  of the assessed value of such property; provided, however, that
    17  such additional exemption shall not exceed six thousand dollars  or  the
    18  product of six thousand dollars multiplied by the latest state equaliza-
    19  tion  rate for the assessing unit, or in the case of a special assessing
    20  unit, the latest class ratio, whichever is less.
    21    (b) (i) In addition to the exemption provided by paragraph (a) of this
    22  subdivision, where the veteran served in a combat theatre or combat zone
    23  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.
                                                                   LBD05409-01-9
        S. 2570                             2
     1  ribbon  or  service medal, or the armed forces expeditionary medal, navy
     2  expeditionary medal, marine corps expeditionary medal, or global war  on
     3  terrorism expeditionary medal, qualifying residential real property also
     4  shall  be  exempt  from  taxation  to  the  extent of ten percent of the
     5  assessed value of such property; provided, however, that such  exemption
     6  shall not exceed eight thousand dollars or the product of eight thousand
     7  dollars multiplied by the latest state equalization rate for the assess-
     8  ing  unit,  or in the case of a special assessing unit, the class ratio,
     9  whichever is less.
    10    (ii) In addition to the exemption provided by paragraph  (a)  of  this
    11  subdivision and the exemption provided by subparagraph (i) of this para-
    12  graph,  where  more  than  one veteran, qualifying under this paragraph,
    13  lives in the same household, qualifying residential real  property  also
    14  shall  be  exempt  from  taxation  to  the extent of five percent of the
    15  assessed value of such property; provided, however, that such additional
    16  exemption shall not exceed four thousand dollars or the product of  four
    17  thousand  dollars  multiplied  by the latest state equalization rate for
    18  the assessing unit, or in the case of  a  special  assessing  unit,  the
    19  latest class ratio, whichever is less.
    20    §  2. This act shall take effect on the first of January next succeed-
    21  ing the date on which it shall have become a law.