NY A05455

Adds new section 458-c to Real Property Tax Law creating an optional real property tax exemption for residential property owned by persons serving in ordered military duty in a combat zone designated by the President of the United States.

Allows counties, cities, towns, and villages to adopt local laws providing a 10 percent tax exemption on the assessed value of qualifying residential real property, subject to a public hearing requirement.

Exemption applies only to primary residences and does not extend to portions of property used for purposes other than the owner's or spouse's primary residence.

Prohibits municipalities from exempting qualifying property from taxes levied for school purposes.

Requires property owners to apply for the exemption on a form prescribed by the State Board, effective immediately upon enactment.