Bill Text: NY A04878 | 2011-2012 | General Assembly | Introduced

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Bill Title: Increases the real property tax exemption a veteran may receive on real property purchased with eligible funds from $5,000 to $7,500 of the assessed value of such property.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-01-04 - referred to veterans' affairs [A04878 Detail]

Download: New_York-2011-A04878-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4878
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 8, 2011
                                      ___________
       Introduced  by M. of A. SIMOTAS -- read once and referred to the Commit-
         tee on Veterans' Affairs
       AN ACT to amend the real property tax law,  in  relation  to  increasing
         exemption for veterans
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Paragraph 2 of subdivision 1 of section 458  of  the  real
    2  property  tax  law,  as  amended  by chapter 488 of the laws of 1998, is
    3  amended to read as follows:
    4    (2) Except as provided in subdivision five of this  section,  no  such
    5  exemption  on  account  of eligible funds paid on account of military or
    6  naval services rendered by an individual shall be allowed in  excess  of
    7  [five]  SEVEN  thousand  FIVE  HUNDRED dollars. For the purposes of this
    8  subdivision any established exemption, or newly claimed exemption, or an
    9  aggregate thereof, as the case may be, in  excess  of  any  multiple  of
   10  fifty  dollars  shall be regarded as being the nearest multiple of fifty
   11  dollars and allowed in such amount. If the amount of such exemption  has
   12  no  nearest multiple of fifty dollars, it shall be regarded as being the
   13  next higher multiple of fifty dollars and allowed in  such  amount.  The
   14  mingling  of  such eligible funds with other funds or their retention by
   15  the United States for insurance premiums shall not bar the granting of a
   16  claim for such exemption.
   17    S 2.  This act shall take effect on the first of July next  succeeding
   18  the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05757-01-1