Senate Bill S5037

2023-2024 Legislative Session

Provides for the application of the veterans' real property tax exemptions in the city of New York

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Veterans, Homeland Security And Military Affairs Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S5037 (ACTIVE) - Details

See Assembly Version of this Bill:
A9217
Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§458 & 458-a, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6523
2013-2014: S3872
2015-2016: S3853
2017-2018: S6192
2019-2020: S2587
2021-2022: S5617

2023-S5037 (ACTIVE) - Summary

Provides for the application of veterans' real property tax exemptions in cities having a population of one million or more.

2023-S5037 (ACTIVE) - Sponsor Memo

2023-S5037 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5037
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 22, 2023
                                ___________
 
 Introduced  by  Sen.  LANZA  -- 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 real  property
   tax  exemptions  for  property  in  cities  having a population of one
   million or more and owned by certain veterans or their family members
 
   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 425 of  the  laws  of  2014,  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
 seven thousand five hundred dollars; PROVIDED, HOWEVER, IN A CITY WITH A
 POPULATION OF ONE MILLION OR MORE, AN EXEMPTION ON ACCOUNT  OF  ELIGIBLE
 FUNDS PAID ON ACCOUNT OF MILITARY OR NAVAL SERVICES RENDERED BY AN INDI-
 VIDUAL SHALL EQUAL FORTY PERCENT OF ELIGIBLE FUNDS, BUT IN NO CASE SHALL
 SUCH  EXEMPTION  BE  ALLOWED  IN EXCESS OF TWO THOUSAND 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  multi-
 ple  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.
   §  2.  Subdivision  2  of section 458 of the real property tax law, as
 amended by section 82 of part PP of chapter 56 of the laws of  2022,  is
 amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08706-01-3
              

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