New York S 8057: Provides additional tax exemptions for two qualified veterans living in the same household

Bill Text

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S08057 Summary:

BILL NOS08057 

&nbsp

SAME ASSAME AS A02631

&nbsp

SPONSORBAILEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §458-a, RPT L

&nbsp

Provides additional tax exemptions on qualifying residential real property where two or more qualified veterans live in the same household.

Go to top S08057 Actions:

BILL NOS08057 

&nbsp

05/15/2025REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

01/07/2026REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

Go to topS08057 Committee&nbspVotes:

Go to topS08057 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08057 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8057

 2025-2026 Regular Sessions

 IN SENATE

 May 15, 2025
 ___________

 Introduced by Sen. BAILEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Veterans, Homeland Securi-
 ty and Military Affairs

 AN ACT to amend the real property tax law, in relation to granting an
 additional tax exemption for two qualified veterans living in the same
 household

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraphs (a) and (b) of subdivision 2 of section 458-a of
 2 the real property tax law, paragraph (a) as amended by chapter 899 of
 3 the laws of 1985 and paragraph (b) as amended by chapter 473 of the laws
 4 of 2004, are amended to read as follows:
 5 (a) (i) Qualifying residential real property shall be exempt from
 6 taxation to the extent of fifteen percent of the assessed value of such
 7 property; provided, however, that such exemption shall not exceed twelve
 8 thousand dollars or the product of twelve thousand dollars multiplied by
 9 the latest state equalization rate for the assessing unit, or in the
 10 case of a special assessing unit, the latest class ratio, whichever is
 11 less.
 12 (ii) In addition to the exemption provided by subparagraph (i) of this
 13 paragraph, where more than one veteran, qualifying under this section,
 14 lives in the same household, qualifying residential real property also
 15 may be exempt from taxation to the extent of up to seven and one-half
 16 percent of the assessed value of such property; provided, however, that
 17 such additional exemption shall not exceed six thousand dollars or the
 18 product of six thousand dollars multiplied by the latest state equaliza-
 19 tion rate for the assessing unit, or in the case of a special assessing
 20 unit, the latest class ratio, whichever is less, provided that the
 21 governing body of a city, village, town, school district, fire district
 22 or county, after a public hearing, adopts a local law, ordinance or
 23 resolution providing therefore. The governing body of the applicable

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02708-01-5

 S. 8057 2

 1 city, village, town, school district, fire district or county shall
 2 determine the percentage of exemption provided for in this subparagraph
 3 within such local law, ordinance, or resolution, provided that such
 4 exemption shall not exceed six thousand dollars or the product of six
 5 thousand dollars multiplied by the latest state equalization rate for
 6 the assessing unit, or in the case of a special assessing unit, the
 7 latest class ratio, whichever is less.
 8 (b) (i) In addition to the exemption provided by paragraph (a) of this
 9 subdivision, where the veteran served in a combat theatre or combat zone
 10 of operations, as documented by the award of a United States campaign
 11 ribbon or service medal, or the armed forces expeditionary medal, navy
 12 expeditionary medal, marine corps expeditionary medal, or global war on
 13 terrorism expeditionary medal, qualifying residential real property also
 14 shall be exempt from taxation to the extent of ten percent of the
 15 assessed value of such property; provided, however, that such exemption
 16 shall not exceed eight thousand dollars or the product of eight thousand
 17 dollars multiplied by the latest state equalization rate for the assess-
 18 ing unit, or in the case of a special assessing unit, the class ratio,
 19 whichever is less.
 20 (ii) In addition to t