[Adopted 1-22-2008 by L.L. No. 1-2008]
The purpose of this article is to provide a
veterans exemption of real property taxation allowable pursuant to
§ 458-b of the Real Property Tax Law of The State of New
York and shall be known as the "Cold War Veterans Exemption Local
Law."
A.
Qualifying residential real property shall be exempt
from taxation to the extent of 10% of the assessed value of such property;
provided, however, that such exemption shall not exceed $8,000 or
the product of $8,000 multiplied by the latest state equalization
rate for the Town of Wales, New York.
B.
In addition to the exemption provided by Subsection A of this section, where the Cold War veteran received a compensation rating from the United States Veterans Affairs or from the United States Department of Defense because of service-connected disability, qualifying residential property shall be exempt from taxation to the extent of the product of the assessed valuation of property; provided, however, that such exemption shall not exceed $40,000 or the product of $40,000 multiplied by the latest equalization rate for the Town of Wales, New York.[1]
[1]
Editor's Note: Former Subsection C, which provided that the
exemption be granted for a period of 10 years, was repealed 1-9-2018
by L.L. No. 1-2018.
