NY S03402

Adds an additional 7.5% property tax exemption (up to $6,000) for qualifying residential real property when two or more qualifying veterans live in the same household, in addition to the existing 15% exemption.

Adds an additional 5% property tax exemption (up to $4,000) for qualifying residential real property when two or more combat-service veterans live in the same household, in addition to existing exemptions for combat service.

Exemption amounts are calculated using the state equalization rate for the assessing unit or class ratio for special assessing units, whichever is less.

Takes effect on January 1 of the year following enactment.