NY A01098

Authorizes municipalities (counties, towns, cities, or villages) to adopt local laws providing a five percent tax exemption on qualifying residential real property owned by active or retired National Guard members and reservists.

Defines "qualifying residential real property" as property used exclusively for residential purposes and serving as the primary residence of the qualified owner, with exceptions for owners absent due to medical reasons or institutionalization.

Requires annual applications filed with the municipal assessor including a statement of residency and a twenty-year favorable service letter from the U.S. Department of Defense, with applications due by the municipality's taxable status date.

Prohibits the exemption from being combined with or added to any other military exemption or tax abatement authorized by law.

Takes effect immediately upon enactment.