NY A09562

Establishes a new real property tax exemption for reservists (federal reserve force members) on qualifying residential real property used as their primary residence.

Provides a base 15% exemption on assessed value (maximum $12,000) with additional exemptions of 10% (maximum $8,000) for combat service and up to 50% of disability rating (maximum $40,000) for service-connected disabilities.

Exemption applies to county, city, town and village taxes but not school taxes, and allows municipalities to adopt local laws to increase or decrease the maximum exemption amounts within specified ranges.

Exemption also extends to spouses of reservists and unremarried surviving spouses, with provisions for transferring exemptions when property is sold and new property is purchased within the same municipality.

Allows municipalities to include "Gold Star Parents" (parents of children who died in military service during a period of war) within the exemption definition through local law adoption.