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.
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 The dollar value has certainly decreased at least 50% since the law was originally enacted more than twenty years ago.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: None.
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.
STATE OF NEW YORK ________________________________________________________________________ 2536 2011-2012 Regular Sessions IN SENATE 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