Provides for the application of veterans' real property tax exemptions in cities having a population of one million or more.
This bill amends the real property tax law to provide for the application of veterans' real property tax exemptions in cities having a population of one million or more. It specifies that qualifying residential real property shall be exempt from taxation to the extent of fifteen percent of the assessed value of such property. The bill also allows local legislative bodies in cities with a population of one million or more to adopt resolutions or local laws to adjust the maximum exemption allowable.
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