NY A10621

Creates a real property tax exemption for combat veterans who served after the Gulf War, received hostile fire or imminent danger pay, and were discharged honorably from U.S. armed forces.

Provides a 15% exemption (up to $12,000) on assessed value of primary residences, plus an additional 10% exemption (up to $8,000) for those who served in designated combat zones, and an additional exemption up to $40,000 based on service-connected disability rating.

Makes the exemption optional for counties, cities, towns, villages, and school districts, which must adopt local laws or resolutions to provide it after public hearings; allows municipalities to reduce or increase maximum exemption amounts within specified ranges.

Extends the exemption to spouses of veterans and unremarried surviving spouses, and allows exemptions to transfer and be prorated when a veteran sells property and purchases another property within the same county or city.

Takes effect April 1, 2017; requires applications on forms prescribed by the commissioner and filed with the assessor's office by the taxable status date.