NY A05135

Allows school districts and cities with populations over one million to adopt local laws providing real property tax exemptions for local school purposes, removing the mandatory school tax liability for exempt veteran properties.

Expands entities eligible to adopt local laws regarding veteran property tax exemptions to include school districts and cities with populations over one million, in addition to counties, cities, towns, and villages.

Permits transfer and prorating of veteran property tax exemptions when a veteran, their spouse, or unremarried surviving spouse sells property and purchases new property within the same county, school district, or city (for cities over one million population).

Clarifies that local laws adopted under these provisions do not require referendum approval and allows recomputation of exemptions when assessment rolls change due to revaluation or updates.