Bill > S07250

This bill increases the property tax exemption for combat veterans by modifying the existing Real Property Tax Law. Currently, veterans who have served in a combat theatre or zone and can document their service through specific military campaign ribbons or medals are eligible for a property tax exemption. The bill raises the exemption from ten percent to thirty-five percent of the property's assessed value, and simultaneously increases the maximum dollar exemption from eight thousand dollars to forty thousand dollars. The exemption cap will be calculated either by the forty thousand dollar amount or by multiplying forty thousand dollars by the latest state equalization rate for the assessing unit (or class ratio), whichever is less. This change aims to provide greater financial relief to combat veterans by reducing their property tax burden. The bill will take effect immediately and will apply to assessment rolls prepared on or after January 1, 2026, giving local tax authorities time to implement the new exemption rates.

Military Affairs and Security

https://www.nysenate.gov/legislation/bills/2025/S7250