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NY A08694

Bill

Official Source

Status

Engrossed

5/29/2014

Primary Sponsor

Michael Cusick

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Authorizes school districts to adopt resolutions (in addition to counties, cities, towns, and villages adopting local laws) to provide real property tax exemptions for Cold War veterans on qualifying residential real property
  • Establishes exemption amounts of either 10 percent of assessed value (up to $8,000) or 15 percent of assessed value (up to $12,000), with authority to adjust maximum amounts within specified ranges
  • Extends the exemption to apply to school district taxation, removing the previous exclusion that exemptions "shall not be applicable to taxes levied for school purposes"
  • Provides a 10-year exemption period that commences from the first assessment roll on or after the effective date of the resolution, with provisions for property transfers within the exemption period
  • Allows school districts to adopt resolutions to reduce or increase maximum exemption amounts, and permits repeal of adopted resolutions at least 90 days before a taxable status date

Legislative Description

Authorizes school districts to grant the Cold War veterans' real property tax exemption.

Last Action

REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

5/29/2014

Committee Referrals

Veterans, Homeland Security and Military Affairs5/29/2014
Ways and Means4/29/2014
Veterans' Affairs2/3/2014

Full Bill Text

No bill text available