Authorizes a real property tax exemption for certain eligible reservists upon adoption of a local law, ordinance or resolution providing therefor; requires property of such eligible reservists to be the primary residence; requires such reservist must have retained active duty status for at least 90 consecutive days to claim such tax exemption.
Summary
Bill S00696 proposes an amendment to the real property tax law in New York, introducing a tax exemption for certain eligible reservists. An 'eligible reservist' is defined as a member of a reserve component of the armed forces who has been ordered to active duty by the President of the United States. The bill allows for real property owned by these reservists or their spouses to be exempt from local property taxes, provided that the local governing body adopts a law or resolution to implement this exemption after a public hearing.
Impact
The bill will impact local tax laws by allowing municipalities the option to provide tax exemptions for eligible reservists, thereby potentially reducing the tax burden on these individuals. This exemption is contingent upon the property being the primary residence of the reservist and used exclusively for residential purposes. The bill also stipulates that the reservist must have retained active duty status for at least 90 consecutive days in the preceding year to qualify for the exemption.
Sentiment
The sentiment surrounding Bill S00696 appears to be supportive, as it aims to provide financial relief to those who serve in the military reserves. However, there may be concerns regarding the fiscal implications for local governments that adopt this exemption, as it could lead to decreased tax revenue.
Contention
Notable points of contention may arise from local governments regarding the financial impact of implementing such exemptions. Some local officials may express concerns about the potential loss of tax revenue and the administrative burden of processing exemption applications. Additionally, there may be discussions about the fairness of the exemption compared to other tax relief programs.
Same As
Authorizes a real property tax exemption for certain eligible reservists upon adoption of a local law, ordinance or resolution providing therefor; requires property of such eligible reservists to be the primary residence; requires such reservist must have retained active duty status for at least 90 consecutive days to claim such tax exemption.