NY A09377

Reduces veteran property tax exemptions in cities with populations of one million or more from $5,000 to $2,000 maximum for military service-related exemptions under Real Property Tax Law Section 458

Modifies Section 458-a exemptions for cities with one million or more residents: reduces base exemption from 15% to 6% of assessed value (capped at $4,800 instead of $12,000), combat service exemption from 10% to 4% (capped at $3,200 instead of $8,000), and disability rating exemption from 50% to 20% of disability rating (capped at $16,000 instead of $40,000)

Expands the definition of "period of war" in Section 458-a to include Iraq War (commenced March 2003) and Afghanistan War (commenced October 7, 2001) for cities with one million or more residents

Makes veteran property tax exemptions in cities with one million or more residents exempt from school property taxes, whereas exemptions in other areas remain taxable for school purposes

Applies the amended exemption provisions retroactively to exemptions granted before the effective date, recalculating them on subsequent assessment rolls under the new rules