NY A00820

Adds new subdivision 5-a to Section 458 of the Real Property Tax Law to protect veterans receiving property tax exemptions from increased tax liability resulting from revaluation, reassessment, or updates.

Prohibits municipal corporations from increasing the real property tax liability on parcels with veteran exemptions above the amount established in the assessment roll prior to any revaluation, reassessment, or update.

Permits municipalities to continue increasing overall real property tax rates within their jurisdiction as otherwise authorized by law, while protecting individual veteran-exempted parcels from reassessment-driven increases.

Takes effect immediately upon enactment.