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NY A02124

Bill

Official Source

Status

Passed

11/7/2014

Primary Sponsor

Aravella Simotas

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Increases the maximum real property tax exemption for veterans from $5,000 to $7,500 for property purchased with eligible military or naval service funds
  • Exemption applies to assessed value of property and is rounded to the nearest $50 increment
  • If no exact $50 multiple exists, the exemption rounds up to the next higher $50 multiple
  • Mingling of eligible funds with other funds or retention by the United States for insurance premiums does not disqualify the exemption claim
  • Takes effect July 1st following the date the bill becomes law

Legislative Description

Increases the real property tax exemption a veteran may receive on real property purchased with eligible funds from $5,000 to $7,500 of the assessed value of such property.

Last Action

signed chap.425

11/7/2014

Committee Referrals

Veterans, Homeland Security and Military Affairs6/11/2014
Rules6/10/2014
Ways and Means3/11/2014
Veterans' Affairs1/8/2014
Ways and Means5/21/2013
Veterans' Affairs1/9/2013

Full Bill Text

No bill text available