NY A02388

Allows municipalities to adopt local laws permitting veterans, their spouses, or unremarried surviving spouses to transfer real property tax exemptions when selling and purchasing property within the same county (or same city for cities with populations over one million).

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.

Prorated exemption amount is determined by multiplying applicable tax rates by the previously granted exempt amount by the fraction of the fiscal year remaining after the transfer.

Veterans and their qualifying family members must reapply for the exemption by the following taxable status date if they wish to continue receiving it in future fiscal years.

Act takes effect January 2 following enactment and applies to assessment rolls prepared on or after that effective date.