Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 21, 2025 |
referred to real property taxation |
Assembly Bill A2631
2025-2026 Legislative Session
Sponsored By
SAYEGH
Current 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
Actions
co-Sponsors
Chris Tague
John Lemondes
Michael Durso
Alicia Hyndman
2025-A2631 (ACTIVE) - Details
2025-A2631 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2631 2025-2026 Regular Sessions I N A S S E M B L Y January 21, 2025 ___________ Introduced by M. of A. SAYEGH, TAGUE, LEMONDES, DURSO, HYNDMAN, JACKSON, SLATER -- read once and referred to the Committee on Real Property Taxation 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 MAY BE EXEMPT FROM TAXATION TO THE EXTENT OF UP TO 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, PROVIDED THAT THE GOVERNING BODY OF A CITY, VILLAGE, TOWN, SCHOOL DISTRICT, FIRE DISTRICT OR COUNTY, AFTER A PUBLIC HEARING, ADOPTS A LOCAL LAW, ORDINANCE OR RESOLUTION PROVIDING THEREFORE. THE GOVERNING BODY OF THE APPLICABLE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02708-01-5
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