NY S07701

Expands veteran property tax exemptions to apply when veterans, their spouses, or unremarried surviving spouses sell property and purchase new property within the same county (or within the same city for cities with one million or more residents).

Allows assessors to transfer and prorate the veteran's tax exemption for the remainder of the fiscal year when property is transferred, with the prorated amount calculated based on the date title is obtained to the new property.

Requires governing bodies of cities, towns, villages, counties, or cities with one million or more residents to adopt a local law, ordinance, or resolution authorizing the exemption transfer after holding a public hearing.

Mandates that veterans receiving prorated exemptions must reapply for the exemption on or before the following taxable status date if they wish to continue receiving it in future fiscal years.

Takes effect on January 2 following enactment and applies to assessment rolls prepared on the basis of taxable status dates occurring on and after that date.