Senate Bill S3402

2021-2022 Legislative Session

Provides additional tax exemptions for two qualified veterans living in the same household

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S3402 (ACTIVE) - Details

See Assembly Version of this Bill:
A4694
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §458-a, RPT L
Versions Introduced in Other Legislative Sessions:
2009-2010: S5370
2011-2012: S3812
2013-2014: S3355
2015-2016: S2025
2017-2018: S3336
2019-2020: S2570
2023-2024: A74

2021-S3402 (ACTIVE) - Summary

Provides additional tax exemptions on qualifying residential real property where two or more qualified veterans live in the same household.

2021-S3402 (ACTIVE) - Sponsor Memo

2021-S3402 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3402
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2021
                                ___________
 
 Introduced by Sens. BAILEY, BENJAMIN, BIAGGI, COMRIE, GIANARIS, HOYLMAN,
   JACKSON, LIU, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVE-
   DA,  SERRANO -- read twice and ordered printed, and when printed to be
   committed to the Committee on Veterans, Homeland Security and Military
   Affairs

 AN ACT to amend the real property tax law, in relation  to  granting  an
   additional tax exemption for two qualified veterans living in the same
   household
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs (a) and (b) of subdivision 2 of section 458-a of
 the real property tax law, paragraph (a) as amended by  chapter  899  of
 the laws of 1985 and paragraph (b) as amended by chapter 473 of the laws
 of 2004, are amended to read as follows:
   (a)  (I)  Qualifying  residential  real  property shall be exempt from
 taxation to the extent of fifteen percent of the assessed value of  such
 property; provided, however, that such exemption shall not exceed twelve
 thousand dollars or the product of twelve thousand dollars multiplied by
 the  latest  state  equalization  rate for the assessing unit, or in the
 case of a special assessing unit, the latest class ratio,  whichever  is
 less.
   (II) IN ADDITION TO THE EXEMPTION PROVIDED BY SUBPARAGRAPH (I) OF THIS
 PARAGRAPH,  WHERE  MORE THAN ONE VETERAN, QUALIFYING UNDER THIS SECTION,
 LIVES IN  THE SAME HOUSEHOLD, QUALIFYING RESIDENTIAL REAL PROPERTY  ALSO
 SHALL  BE  EXEMPT    FROM  TAXATION  TO THE EXTENT OF SEVEN AND ONE-HALF
 PERCENT OF THE ASSESSED VALUE OF SUCH PROPERTY; PROVIDED, HOWEVER,  THAT
 SUCH  ADDITIONAL  EXEMPTION SHALL NOT EXCEED SIX THOUSAND DOLLARS OR THE
 PRODUCT OF SIX THOUSAND DOLLARS MULTIPLIED BY THE LATEST STATE EQUALIZA-
 TION RATE FOR THE ASSESSING UNIT, OR IN THE CASE OF A SPECIAL  ASSESSING
 UNIT, THE LATEST CLASS RATIO, WHICHEVER IS LESS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06822-01-1

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