Bill > S08057

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 15% tax exemption up to $12,000. The bill introduces a new provision that allows an extra 7.5% exemption (up to $6,000) for households where two or more qualifying veterans live together. Similarly, for veterans who served in combat zones and received specific military campaign ribbons or medals, the bill creates an additional 5% exemption (up to $4,000) for multi-veteran households. These additional exemptions are optional and must be specifically adopted by local governing bodies (such as cities, villages, towns, school districts, fire districts, or counties) through a local law, ordinance, or resolution after a public hearing. The tax exemption amounts are calculated based on the property's assessed value and can be adjusted using the latest state equalization rate or class ratio. The bill will take effect on the first day of January following its passage into law.

Military Affairs and Security

https://www.nysenate.gov/legislation/bills/2025/S8057