NY A00514

Reduces the maximum veteran property tax exemption from $5,000 to $2,000 in cities with populations of one million or more for exemptions based on military service eligible funds.

In cities with populations of one million or more, exempts veteran properties from state, county, general municipal and local school property taxes, whereas elsewhere they are exempt only from state, county and general municipal taxes.

Adds Iraq War (commencing March 2003) and Afghanistan War (commencing October 7, 2001) as qualifying periods of war for veteran tax exemptions in cities with populations of one million or more.

Reduces veteran residential property tax exemption percentages and maximum amounts in cities with populations of one million or more: from 15% ($12,000) to 6% ($4,800) for basic exemptions; from 10% ($8,000) to 4% ($3,200) for combat service; and from 50% of disability rating ($40,000) to 20% of disability rating ($16,000) for service-connected disabilities.

Takes effect immediately and applies to assessment rolls based on taxable status dates on or after January 5 of the year following enactment.