NY A08872

Authorizes counties, cities, towns, and villages to adopt local laws granting real property tax exemptions to parents of unmarried veterans killed in combat.

Exemption options include either 10% of assessed value (capped at $8,000 or adjusted by equalization rate) or 15% of assessed value (capped at $12,000 or adjusted by equalization rate), with local option to reduce maximums to $6,000, $9,000, and $30,000 respectively.

Exemption applies only to the primary residence and lasts for 10 years, with the period beginning from the first assessment roll after the local law's effective date or 60 days after property purchase, whichever applies.

Exemptions for divorced parents are equally shared, and exemptions may transfer to replacement residential property for the unexpired portion of the 10-year period if the original property is sold.

Local laws must be adopted by 90 days before the taxable status date on or after December 31, 2018, following a public hearing, and may be repealed with 90 days' notice.