NY S04227

Amends Real Property Tax Law to authorize municipalities to adopt local laws providing a 5 percent tax exemption on residential property owned by active or retired National Guard members and reservists.

Defines "qualified owner" as an active or retired member of the National Guard or Reserves, with exemptions combinable when property is owned by multiple qualified owners.

Requires qualifying residential property to be the primary residence of the qualified owner, except when the owner is absent due to medical reasons or institutionalization.

Requires annual application to the municipal assessor including a statement of residency and a copy of the owner's twenty-year favorable service letter from the U.S. Department of Defense.

Specifies that this exemption cannot be combined with any other military exemption or tax abatement authorized by law.