Bill > A02631

This bill amends the New York Real Property Tax Law to provide additional property tax exemptions for households with multiple qualified veterans. Currently, qualifying residential properties owned by veterans receive a tax exemption of 15% of the assessed value (up to $12,000). The bill introduces a new provision that allows for an additional exemption of up to 7.5% (up to $6,000) when two or more qualified veterans live in the same household. Similarly, for veterans who served in combat zones and have received specific military campaign ribbons or medals, the bill enables an extra exemption of up to 5% (up to $4,000) when multiple combat veterans share a household. These additional exemptions are subject to local government approval through a public hearing and adoption of a local law, ordinance, or resolution. The exemption amounts are calculated using the latest state equalization rate or class ratio to ensure fair assessment across different jurisdictions. The bill aims to provide increased tax relief for multi-veteran households, recognizing their service to the country. The changes will take effect on the first day of January following the bill becoming law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2631