NY A00515

Authorizes counties, towns, cities, and villages to adopt local laws granting a 5% property tax exemption on the assessed value of residential property owned by active or retired National Guard members or Reservists

Requires the property to be the qualified owner's primary residence, with an exception for owners absent due to medical reasons or institutionalization

Exemption cannot be combined with any other military tax exemption or abatement already authorized by law

Applicants must file annually with the local assessor and provide a copy of their twenty-year favorable service letter from the U.S. Department of Defense

When property is owned by multiple qualified owners, their individual exemptions may be combined