NY A04110

Establishes specific real property tax exemption limits for veterans in cities with populations of one million or more (New York City), setting the maximum exemption for eligible military service funds at 40% of eligible funds, capped at $2,000, compared to $7,500 elsewhere

Expands the definition of "period of war" for cities with one million or more population to include the Iraq War (commencing March 2003) and the Afghanistan War (commencing October 7, 2001) for purposes of veteran property tax exemptions

Reduces the basic wartime veteran exemption in million-plus population cities to 6% of assessed value (maximum $4,800), combat zone exemption to 4% (maximum $3,200), and disability exemption to 20% of disability rating (maximum $16,000)

Authorizes high-appreciation municipalities that are special assessing units in cities with one million or more population to adopt local laws increasing maximum exemptions up to $21,600 (basic), $14,400 (combat zone), and $72,000 (disability)

Applies to assessment rolls based on taxable status dates occurring on or after January 5 following the act's effective date, with existing exemptions recalculated under the new provisions