New York City Council Header
File #: Int 1649-2017    Version: * Name: Maximum exemptions allowable for the alternative exemption for veterans.
Type: Introduction Status: Enacted
Committee: Committee on Finance
On agenda: 6/15/2017
Enactment date: 7/22/2017 Law number: 2017/128
Title: A Local Law to amend the administrative code of the city of New York, in relation to the maximum exemptions allowable for the alternative exemption for veterans
Sponsors: Steven Matteo, Paul A. Vallone, Ben Kallos, Alan N. Maisel
Council Member Sponsors: 4
Summary: This local law would establish that the maximum exemption allowable on qualifying residential real property under the Alternative Veterans Tax Exemption shall be the lesser of $48,000 or $48,000 multiplied by the latest class ratio for wartime veterans, $32,000 or $32,000 multiplied by the latest class ratio for combat veterans, and $160,000 or $160,000 multiplied by the latest class ratio for veterans with service-connected disabilities.
Indexes: Oversight, Sunset Date Applies
Attachments: 1. Legislative History Report, 2. Summary of Int. No. 1649, 3. Int. No. 1649, 4. Committee Report 6/12/17, 5. Hearing Testimony 6/12/17, 6. Hearing Transcript 6/12/17, 7. June 15, 2017 - Stated Meeting Agenda with Links to Files, 8. Committee Report 6/21/17, 9. Hearing Transcript 6/21/17, 10. Committee Report - Stated Meeting, 11. June 21, 2017 - Stated Meeting Agenda with Links to Files, 12. Fiscal Impact Statement, 13. Hearing Transcript - Stated Meeting 6-21-17, 14. Int. No. 1649 (FINAL), 15. Letter to Mayor, 16. Local Law 128, 17. Minutes of the Recessed Stated Meeting of June 6, 2017 held on June 21, 2017, 18. Minutes of the Stated Meeting - June 21, 2017
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
7/22/2017*Steven Matteo Administration City Charter Rule Adopted  Action details Meeting details Not available
6/21/2017*Steven Matteo City Council Sent to Mayor by Council  Action details Meeting details Not available
6/21/2017*Steven Matteo City Council Approved by CouncilPass Action details Meeting details Not available
6/21/2017*Steven Matteo Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
6/21/2017*Steven Matteo Committee on Finance Approved by CommitteePass Action details Meeting details Not available
6/15/2017*Steven Matteo City Council Introduced by Council  Action details Meeting details Not available
6/15/2017*Steven Matteo City Council Referred to Comm by Council  Action details Meeting details Not available
6/12/2017*Steven Matteo Committee on Finance Hearing on P-C Item by Comm  Action details Meeting details Not available
6/12/2017*Steven Matteo Committee on Finance P-C Item Laid Over by Comm  Action details Meeting details Not available

Int. No. 1649

 

By Council Members Matteo, Vallone, Kallos and Maisel

 

A Local Law to amend the administrative code of the city of New York, in relation to the maximum exemptions allowable for the alternative exemption for veterans

 

Be it enacted by the Council as follows:

 

Section 1. Section 11-245.6 of the administrative code of the city of New York, as amended by local law number 136 for the year 2005, is amended to read as follows:

§ 11-245.6 Alternative exemption for veterans; maximum exemptions allowable. Pursuant to subparagraph (ii) of paragraph (d) of subdivision two of section four hundred fifty-eight-a of the real property tax law, the city hereby increases the maximum exemptions allowable in paragraphs (a), (b) and (c) of subdivision two of section four hundred fifty-eight-a of the real property tax law. The maximum exemption allowable in such paragraph (a) shall be fifteen percent of the assessed value of the qualifying residential real property; provided, however, that such exemption shall not exceed [fifty-four thousand dollars] $48,000 or the product of [fifty-four thousand dollars] $48,000 multiplied by the latest class ratio, whichever is less. In addition to the exemption provided by such paragraph (a), as increased by this section, the maximum exemption allowable in such paragraph (b) shall be ten percent of the assessed value of the qualifying residential real property; provided, however, that such exemption shall not exceed [thirty-six thousand dollars] $32,000 or the product of [thirty-six thousand dollars] $32,000 multiplied by the latest class ratio, whichever is less. In addition to the exemptions provided by such paragraphs (a) and (b), as increased by this section, the maximum exemption allowable in such paragraph (c) shall be the product of the assessed value of the qualifying residential real property multiplied by fifty percent of the veteran's disability rating; provided, however, that such exemption shall not exceed [one hundred eighty thousand dollars] $160,000 or the product of [one hundred eighty thousand dollars] $160,000 multiplied by the latest class ratio, whichever is less. The maximum exemptions allowable in such paragraphs (a), (b) and (c), as increased by this section, shall not apply to any assessment roll completed and filed prior to the first day of January, two thousand six.

§ 2. This local law takes effect on the same day as a local law amending the administrative code of the city of New York relating to the alternative exemption for veterans, as proposed in introduction number 1304 for the year 2016, takes effect, and shall expire and be deemed repealed on the same day as such local law.

 

ENB

LS #11080

6/12/17 11:38 AM