NY A00074

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

Requires the governing body of a city, village, town, school district, fire district, or county to adopt a local law, ordinance, or resolution after a public hearing to authorize and determine the percentage of the additional exemption.

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

Exemption caps are calculated as either a fixed dollar amount or the product of that amount multiplied by the state equalization rate for the assessing unit, whichever is less.

Takes effect on January 1 following enactment into law.