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NY A04878

Bill

Official Source

Status

Introduced

2/8/2011

Primary Sponsor

Aravella Simotas

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Increases the maximum real property tax exemption for veterans from $5,000 to $7,500 for property purchased with eligible military or naval service funds
  • Applies to exemptions claimed under Real Property Tax Law Section 458, paragraph 2 of subdivision 1
  • Exemption amounts must be rounded to the nearest $50 increment, or to the next higher $50 multiple if no nearest increment exists
  • Effective date is July 1 of the year following enactment
  • Does not affect eligibility for exemptions when eligible funds are commingled with other funds or retained by the United States for insurance premiums

Legislative Description

Increases the real property tax exemption a veteran may receive on real property purchased with eligible funds from $5,000 to $7,500 of the assessed value of such property.

Last Action

referred to veterans' affairs

1/4/2012

Committee Referrals

Veterans' Affairs2/8/2011

Full Bill Text

No bill text available