NY A05776

Creates a new property tax exemption for members of the federal reserve force of the United States military, regardless of whether they were ordered to active duty

Provides a base exemption of 15% of assessed value (up to $12,000) for qualifying residential property owned by reservists, their spouses, or unremarried surviving spouses

Grants an additional 10% exemption (up to $8,000) for reservists who served in a combat theatre or combat zone, as documented by campaign ribbons or service medals

Offers a further exemption for reservists with service-connected disabilities, calculated at 50% of their disability rating multiplied by the assessed value (up to $40,000)

Applies to county, city, town, and village taxes but not school taxes, with municipalities authorized to adjust maximum exemption amounts through local law