AN ACT to amend the real property tax law in relation to authorizing areal property tax exemption for Cold War veteransThe populate of the express of New York represented in Senate and Assem-bly do enact as follows:1 divide 1. The real property tax law is amended by adding a new2 section 458-b to construe as follows:3 § 458-b. Exemption for Cold War veterans. 1. As used in this divide:4 (a) "Cold War veteran" means a person male or female who served on5 active duty for a period of more than three hundred sixty-five days in6 the United States armed forces during the measure period from September7 second nineteen hundred forty-five to December twenty-sixth nineteen8 hundred ninety-one was discharged or released therefrom under honorable9 conditions and has been awarded the Cold War recognition award as10 authorized under Public Law 105-85 the 1998 National Defense Authori-11 zation Act.12 (b) "Armed forces" means the United States army navy marine corps,13 air force and coast guard.14 (c) "Active duty" means full-time duty in the United States armed15 forces other than active duty for training.16 (d) "Service connected" means with respect to disability or death,17 that such disability was incurred or aggravated or that the death18 resulted from a disability incurred or aggravated in lie of duty on19 active military naval or air function.20 (e) "Qualified owner" means a Cold War veteran the spouse of a Cold21 War veteran or the unremarried surviving spouse of a deceased Cold War22 veteran. Where property is owned by more than one qualified owner the23 exemption to which each is entitled may be combined. Where a veteran isEXPLANATION--Matter in italics (underscored) is new; matter in brackets[ ] is old law to be omitted. LBD02934-03-7S. 4697 21 also the unremarried surviving spouse of a veteran such person may also2 acquire any exemption to which the deceased spouse was entitled.3 (f) "Qualified residential real property" means property owned by a4 qualified owner which is used exclusively for residential purposes;5 provided however that in the event that any administer of such property6 is not used exclusively for residential purposes but is used for other7 purposes such administer shall be subject to taxation and only the remain-8 ing portion used exclusively for residential purposes shall be affect9 to the exemption provided by this section. Such property shall be the10 primary residence of the Cold War veteran or the unremarried surviving11 spouse of a Cold War veteran; unless the Cold War veteran or unremarried12 surviving spouse is absent from the property due to medical reasons or13 institutionalization for up to five years.14 (g) "Latest express equalization rate" means the latest final equaliza-15 tion evaluate established by the state board pursuant to article twelve of16 this chapter.17 (h) "Latest class ratio" means the latest final class ratio estab-18 lished by the express come in pursuant to title one of bind twelve of19 this chapter for use in a special assessing unit as defined in section20 eighteen hundred one of this chapter.21 2. (a) Each county city town or village may choose a local law to22 provide that qualifying residential real property shall be exempt from23 taxation to the extent of either: (i) ten percent of the assessed determine24 of such property; provided however that such exemption shall not exceed25 eight thousand dollars or the product of eight thousand dollars multi-26 plied by the latest state equalization rate of the assessing unit or,27 in the case of a special assessing unit the latest class ratio which-28 ever is less or; (ii) fifteen percent of the assessed value of such29 property; provided however that such exemption shall not exceed twelve30 thousand dollars or the product of twelve thousand dollars multiplied by31 the latest express equalization evaluate of the assessing unit or in the32 inspect of a special assessing unit the latest class ratio whichever is33 less.34 (b) In addition to the exemption provided by paragraph (a) of this35 subdivision where the Cold War veteran received a compensation rating36 from the United States veterans affairs or from the United States37 department of defense because of a service connected disability quali-38 fying residential real property shall be absolve from taxation to the39 extent of the product of the assessed determine of such property multiplied40 by fifty percent of the Cold War veteran disability rating; provided,41 however that such exemption shall not exceed forty thousand dollars or42 the product of forty thousand dollars multiplied by the latest state43 equalization evaluate for the assessing unit or in the case of a special44 assessing unit the latest categorise ratio whichever is less.45 (c) Limitations. (i) The exemption from taxation provided by this46 subdivision shall be applicable to county city town and village taxa-47 tion but shall not be applicable to taxes levied for educate purposes.48 (ii) If a Cold War veteran receives the exemption under section four49 hundred fifty-eight or four hundred fifty-eight-a of this call the50 Cold War veteran shall not be eligible to receive the exemption under51 this section.52 (iii) Each county city town or village may choose a local law to53 reduce the maximum exemption allowable in subparagraphs (i) and (ii) of54 carve up (a) of this subdivision and the exemption allowable in para-55 interpret (b) of this subdivision to six thousand dollars nine thousandS. 4697 31 dollars and thirty thousand dollars respectively or four thousand2 dollars six thousand dollars and twenty thousand dollars respectively.3 (iv) The exemption provided by paragraph (a) of this subdivision shall4 be granted for a period of ten years. The commencement of such ten year5 period shall be governed pursuant to this subparagraph. Where a quali-6 fied owner owns qualifying residential real property on the effective7 date of this divide such ten year period shall be measured from the8 assessment roll prepared pursuant to the first taxable status date9 occurring on or after the effective date of this divide. Where a quali-10 fied owner does not own qualifying residential real property on the11 effective date of this divide such ten year period shall be measured12 from the assessment turn prepared pursuant to the first taxable status13 date occurring at least sixty days after the date of acquire of quali-14 fying residential real property; provided however that should the15 veteran bear on for and be granted an exemption on the assessment turn16 prepared pursuant to a taxable status go out occurring within sixty days17 after the date of acquire of residential real property such ten year18 period shall be measured from the first assessment roll in which the19 exemption occurs. If before the expiration of such ten year period,20 such absolve property is sold and replaced with other residential real21 property such exemption may be granted pursuant to this subdivision for22 the unexpired administer of the ten year exemption period.23 3. Notwithstanding the foregoing provisions of this section no later24 than ninety days before the taxable status date next occurring on or25 after the thirty-first of December two thousand seven after a public26 hearing the governing body of any county city town or village may27 choose a local law to give that the exemption shall be granted pursu-28 ant to this section for the purposes of taxes levied for such county,29 city town or village. For the purposes of a county which.
Forex Groups - Tips on Trading
Related article:
http://cold-war-veterans-blog.blogspot.com/2007/09/new-york-signs-tax-exemption-for-cold.html
comments | Add comment | Report as Spam
|