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NY A04652
Bill
Status
2/21/2023
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
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Exempts primary residences owned by active duty military members engaged in hazardous service (duty subject to hostile fire or imminent danger per 37 U.S.C. § 310(a)) from municipal property taxes, except school district taxes and special assessments.
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Applies to residences owned solely by a military member in hazardous service or jointly with a spouse, requiring annual application submission to the local assessing unit by the taxable status date.
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Requires the State to reimburse municipalities for all property taxes lost due to the exemption through state aid, with tax rates calculated as if no parcels were exempt.
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Directs the Department of Finance commissioner to establish application forms and regulations, with authority to audit municipal aid claims within one year and adjust subsequent payments for discrepancies.
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Takes effect 120 days after enactment and applies to properties with taxable status dates on or before that date.
Legislative Description
Establishes a real property tax exemption for the primary residence of a member of the armed forces engaged in hazardous service; provides the state shall compensate municipalities for lost tax revenue resulting from such exemption.
Last Action
referred to veterans' affairs
1/3/2024