NY A01282

Authorizes municipalities (counties, towns, cities, villages) to adopt local laws providing a 5 percent real property tax exemption for National Guard members and reservists who own qualifying residential property.

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.

Limits exemption to property used exclusively for residential purposes that serves as the qualified owner's primary residence, unless absent due to medical reasons or institutionalization.

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

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