NY A05518

Allows municipalities to adopt a local law permitting veterans, their spouses, or unremarried surviving spouses to transfer and prorate their property tax exemption when selling their property and purchasing new property within the same county (or within the same city for cities with populations of one million or more)

Prorated exemption is calculated based on the date title is obtained for the new property, multiplying the applicable tax rate by the previously granted exempt amount by the fraction of the fiscal year remaining after the transfer

Veterans and eligible spouses must reapply for the exemption on or before the following taxable status date if they wish to continue receiving the exemption in future fiscal years

Applies the same prorating provisions to both the standard veterans' exemption under Real Property Tax Law Section 458 and the enhanced exemption under Section 458-a

Takes effect immediately and applies to taxes levied based on the 2011 assessment roll in approved assessing units