NY A09867

Amends real property tax law to add income limit of $500,000 annual income for veterans and their spouses to qualify for tax exemptions under Section 458-a.

Requires assessed value of veteran exemptions to be entered on assessment rolls in a separate column from taxable property.

Creates state aid reimbursement mechanism where school districts receive state funding equal to tax savings provided through veteran exemptions, ensuring exemptions do not reduce local school funding.

Specifies that veteran exemptions shall not be considered when calculating state education aid, school district debt limits, tax rates, or tax apportionments.

Takes effect immediately and applies to taxable years beginning January 1, 2014.