NY S09181

Exempts qualifying residential real property owned by active duty service members, their spouses, or unremarried surviving spouses from 15 percent of assessed value, capped at $12,000 (or adjusted by state equalization rate).

Provides additional 10 percent exemption (capped at $8,000) for service members serving in combat theatres or combat zones, documented by specified military medals or ribbons.

Grants exemption equal to 50 percent of disability rating multiplied by assessed value (capped at $40,000) for service members with service-connected disability ratings from the Veterans Administration or Department of Defense.

Requires local governing bodies (county, city, town, village, or school district) to adopt separate resolutions or local laws to implement the exemption and may set different maximum exemption amounts within specified ranges.

Takes effect January 1 following enactment and applies to assessment rolls prepared on or after the effective date; applications must be filed by taxable status date and continue in effect for subsequent years unless disability rating changes.