Increases the amount combat veterans shall be exempt from real property taxation to thirty-five percent.
BILL NUMBER:S5290A REVISED 06/07/12
TITLE OF BILL: An act to amend the real property tax law, in relation to real property tax exemptions for combat veterans
PURPOSE: Increases the amount combat veterans shall be exempt from real property taxation from 10% to 35%.
SUMMARY OF PROVISIONS: Section one amends paragraph (b) of subdivision 2 of section 4s8-a of the real property tax law.
Section two is the effective date.
JUSTIFICATION: Veterans who served in a combat zone protecting the United States of America should see an increase in their property tax exemption. Military personnel serving in combat zones are fighting to protect our nations freedoms by putting their lives on the line every day. To show New York's appreciation, this legislation would exempt up to 35% (currently 10%) of the assessed value on their real property for combat zone soldiers. This measure would greatly benefit these brave individuals who have served foreign land combat zones for extended periods of time away from their families. New York State residents who are in the military and serve our country bravely, sacrifice their lives so we may enjoy peace and prosperity as a nation and a state. They deserve our respect and this bill shows our gratitude for their sacrifice as they protect our country and our freedoms.
LEGISLATIVE HISTORY: 2011: S.5290 - Referred to Finance/A.S277 - Referred to Veterans' Affairs 2010: S.3005 - Referred to Veterans/A.8367 - Referred to Veterans' Affairs 2009: S.3005 - Referred to Veterans/A.8367 - Referred to Veterans' Affairs 2008: S.8769 - Referred to Rules
FISCAL IMPLICATIONS: The Department of Taxation and Finance estimate that this bill would result in a shifting of property taxes, from properties receiving the increased exemption to other properties, of approximately $290 million per year.
This act shall take effect immediately and shall apply to assessment rolls prepared on and after January 1, 2012.
STATE OF NEW YORK ________________________________________________________________________ 5290--A 2011-2012 Regular Sessions IN SENATE May 3, 2011 ___________Introduced by Sens. LANZA, LARKIN -- read twice and ordered printed, and when printed to be committed to the Committee on Veterans, Homeland Security and Military Affairs -- recommitted to the Committee on Veterans, Homeland Security and Military Affairs in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to real property tax exemptions for combat veterans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 2 of section 458-a of the real property tax law, as amended by chapter 473 of the laws of 2004, is amended to read as follows: (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]THIRTY-FIVE percent of the assessed value of such property; provided, however, that such exemption shall not exceed [eight]FORTY thousand dollars or the product of [eight]FORTY thousand dollars multiplied by the latest state equal- ization rate for the assessing unit, or in the case of a special assess- ing unit, the class ratio, whichever is less. S 2. This act shall take effect immediately and shall apply to assess- ment rolls prepared on or after January 1, 2012.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04954-02-1