Bill > S07084

This bill modifies real property tax exemptions for veterans in cities with a population of one million or more, specifically New York City. The legislation reduces the maximum tax exemptions for veterans in these large cities across several categories. For eligible military service funds, the exemption will now be limited to 40% of eligible funds, with a maximum of $2,000 instead of the previous $7,500 limit. For properties purchased through popular subscription by veterans, the maximum exemption is reduced from $5,000 to $2,000 in these cities. The bill also expands the definition of "period of war" to include the Iraq and Afghanistan wars for these large cities. Additionally, the veterans' residential property tax exemptions are scaled back in cities with over one million residents: the base exemption is reduced from 15% to 6% of property value, combat zone service exemption is reduced from 10% to 4%, and service-connected disability exemptions are reduced from 50% to 20% of the veteran's disability rating. The changes will apply to assessment rolls based on taxable status dates occurring on or after the fifth day of January following the bill's enactment, ensuring existing exemptions will be calculated under the new provisions.

Military Affairs and Security

https://www.nysenate.gov/legislation/bills/2025/S7084