Bill S3446-2011

Removes a cap on allowable real property tax exemptions available to certain veterans

Removes caps on allowable real property tax exemptions available to several categories of military veterans.

Details

Actions

  • Jun 6, 2012: REPORTED AND COMMITTED TO FINANCE
  • Jan 4, 2012: REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • Feb 22, 2011: REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Veterans, Homeland Security and Military Affairs - Jun 5, 2012
Ayes (13): Ball, Flanagan, Golden, Griffo, Grisanti, McDonald, Zeldin, Addabbo, Avella, Stewart-Cousins, Carlucci, Klein, Savino

Memo

BILL NUMBER:S3446

TITLE OF BILL:

An act to amend the real property tax law, in relation to exemptions available to veterans

PURPOSE:

Removes a cap on a allowable real property tax exemptions available to certain veterans.

SUMMARY OF PROVISIONS:

Further amends paragraphs (a), (b) and (c) of Subdivision 2 of Section 458-a of the real property tax law by exempting qualifying residential real property from taxation up to 15% of its assessed value, in addition to which, when a veteran can show documentation that he served in a combat zone, such property will also be exempt from taxation up to 10% of its assessed value. In addition to the aforementioned exemptions, paragraph (c) provides that when a veteran is receiving a compensation because of a service related disability, qualifying residential real property will be exempt from taxation based on an established formula.

JUSTIFICATION:

Section 456-a of the NYS Real Property Tax Law allows a veteran to receive an exemption of 15% for serving during a period of war and an additional 10% for serving in a combat zone. These figures are misleading, however, because they are keyed to a cap which uses the latest state equalization rate. When this cap kicks in at a certain market value, the exemption amount stays the same, despite the fact that the assessment climbs. By removing the cap, the veterans would receive the statutory 25%.

LEGISLATIVE HISTORY:

2009-10 S.237/A.341; 2007-08, S.141/A.179; 2005-06, S.3152/A.4241.

FISCAL IMPLICATIONS:

EFFECTIVE DATE:

Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ S. 3446 A. 5493 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y February 22, 2011 ___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Veterans, Homeland Security and Military Affairs IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Veterans' Affairs AN ACT to amend the real property tax law, in relation to exemptions available to veterans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (a), (b) and (c) 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, paragraph (b) as amended by chapter 473 of the laws of 2004 and paragraph (c) as amended by chapter 100 of the laws of 1988, are amended to read as follows: (a) 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]. (b) 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 ribbon or service medal, or the armed forces expeditionary medal, navy expeditionary medal, marine corps expeditionary medal, or global war on terrorism expeditionary medal, qualifying residential real property also shall be exempt from taxation to the extent of ten percent of the assessed value of such property; provided, however, that such exemption shall not exceed eight thousand dollars [or the product of eight thou- sand dollars multiplied by the latest state equalization rate for the
assessing unit, or in the case of a special assessing unit, the class ratio, whichever is less]
. (c) In addition to the exemptions provided by paragraphs (a) and (b) of this subdivision, where the veteran received a compensation rating from the United States veteran's administration or from the United States department of defense because of a service connected disability, qualifying residential real property shall be exempt from taxation to the extent of the product of the assessed value of such property multi- plied by fifty percent of the veteran's disability rating; provided, however, that such exemption shall not exceed forty thousand dollars [or the product of forty 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]. For purposes of this paragraph, where a person who served in the active military, naval or air service during a period of war died in service of a service connected disability, such person shall be deemed to have been assigned a compensation rating of one hundred percent. S 2. This act shall take effect immediately.

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