BILL NUMBER: S8057
SPONSOR: BAILEY
 
TITLE OF BILL:
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
 
PURPOSE OR GENERAL IDEA OF BILL:
To allow for an additional real property tax exemption when two quali-
fied veterans reside in the same household for the alternative veterans'
exemptions.
 
SUMMARY OF SPECIFIC PROVISIONS:
RPT law Section 458a subsection 2a provides a real property exemption
for veterans up to 15% of the assessed value of such property, provided,
that such exemption shall,not exceed $12,000 or the product of $12,000
multiplied by the latest state equalization rate.
RPT law section 458a subsection 2h provides an additional exemption of
up to 10 of qualifying residential real property for veterans who served
in a combat theatre or combat zone of operations, provided, however,
that such exemption shall not exceed $8,000 or the product of $8,000
multiplied by the latest state equalization rate for the assessing unit.
 
JUSTIFICATION:
By enlisting as a member of the armed forces a person chooses to place
themselves in harm's way to protect our country and our freedoms. With
the United States' ongoing involvement in Iraq and Afghanistan a
soldier's enlistment means there is a significant chance of deployment.
When a soldier is deployed there is a financial burden placed on the
families they leave behind. This is a debt that their families may
endure for years to come.
New York State recognizes and rewards the soldiers who enlist and serve
during a time of war by granting them an Alternative Veterans real prop-
erty tax exemption. The Alternative Veterans Exemption is available only
for residential property of veterans who served during wartime or
received an expeditionary medal. This provides for an exemption of 15t
of the assessed value to veterans who served during wartime and an addi-
tional into those who served in a combat zone. Each county must opt-in
to grant this alternative exemption. However, if two qualified veterans
reside in the same household the exemption does not change or increase.
This legislation will allow for an increase of the Alternative Veterans
exemption for a household with two qualifying veterans. The new language
provides for an addition of half of the current percentages allowed.
Therefore, a household with two veterans who served during wartime would
receive an exemption up to 22.540 of the assessed value of the property
and an additional 15% if both veterans served in a combat zone. Each
county must still opt-in to grant this alternative exemption. This
legislation will Properly recognize and reward all veterans who have
served their country and who own property in New York State.
 
PRIOR LEGISLATIVE HISTORY:
2021-22: S3402 - Passed Senate
2019-20: S2570 - Passed Senate
2017-18: S3336 - Referred to Veterans' Affairs
2015-16: S2025 - Referred to Veterans, Homeland Security & Military
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
The first of January succeeding the date in which it becomes law.