NY A09042

Allows city, town, or village governing bodies to adopt local laws permitting veterans, their spouses, or unremarried surviving spouses to transfer real property tax exemptions when selling property and purchasing new property within the same county (or within the same city if the city has a population of one million or more).

Requires assessors to prorate the transferred exemption for the remainder of the fiscal year in which the property transfer occurs, calculated based on the date title is obtained and the fraction of the fiscal year remaining.

Exempts veterans must reapply for the exemption on or before the following taxable status date if they wish to receive it in future fiscal years.

Applies the same provisions to both standard veteran exemptions under Real Property Tax Law Section 458 and to enhanced exemptions under Section 458-a.

Takes effect January 2 of the year following enactment and applies to assessment rolls prepared on or after that date.