NY A08135

Amends Real Property Tax Law Section 458-b to allow Cold War veterans' property tax exemption to be extended for an additional 10 years or made permanent after the initial 10-year exemption period expires.

Exemption period commencement is measured from the first assessment roll on or after the local law/resolution effective date for owners who already own qualifying residential property, or from 60 days after property purchase for new owners.

If exempt property is sold and replaced during the exemption period, the exemption may continue for the unexpired portion of the exemption period.

Counties, cities, towns, villages, and school districts may adopt local laws or resolutions to reduce or increase the maximum exemption amounts, with additional higher amounts available for "high-appreciation municipalities" as defined by sales price differential factors.

Extension or permanent status of exemption becomes effective on the first taxable status date after a local law or resolution authorizing such extension is adopted.