NY A03202

Creates a real property tax exemption for primary residences owned by members of the armed forces engaged in hazardous service (duty subject to hostile fire or imminent danger as defined in federal law).

Exemption applies to property owned by an individual service member, or jointly by a service member and spouse, and exempts from all municipal taxes except school district taxes and special assessments.

Requires annual application by property owners to local assessing units on or before the taxable status date, with affirmation of current or recent military hazardous service status.

Establishes state aid compensation to municipalities for lost tax revenue from exempted properties, with the Commissioner computing reimbursement amounts and the Comptroller making payments.

Takes effect 120 days after enactment and applies to properties with a taxable status date on or before that date; Commissioner authorized to establish implementing rules and regulations immediately.