The maximum exemption allowable to qualifying residential
real property owned by disabled, wartime and combat veterans, pursuant
to Paragraphs (a), (b) and (c) of Subdivision 2 of § 458-a
of the New York Real Property Tax Law, is hereby increased from $54,000
to $75,000; $36,000 to $50,000; and $180,000 to $250,000 respectively,
effective for the 2023/20024 tax year.
A veteran already receiving an exemption pursuant
to this section, who sells the property receiving the exemption and
purchases property within the same town, may have the exemption transferred
and prorated for the remainder of the fiscal year as set forth in
Real Property Tax Law § 458(9). The prorated exemption shall
be based upon the date the veteran obtains title to the new property.
A veteran who wishes to receive the exemption in future fiscal years
is still required to reapply for the exemption on or before the following
taxable status date.