The maximum
exemption allowable by Real Property Tax Law § 458-a, Subdivision
2, paragraphs (a), (b), and (c), shall be $18,000, $12,000 and $60,000,
respectively.
There
shall be an alternative qualifying residential real property exemption
for a Gold Star parent, under Real Property Tax Law § 458-a,
Subdivision 7(b), within the definition of a "qualified owner" as
provided for in Real Property Tax Law § 458-a, paragraph
(c) of Subdivision 1, and to further include property owned by a Gold
Star parent within the definition of “qualifying residential
real property” as provided for in paragraph (d) of Subdivision
1 of the Real Property Tax Law § 458-a, provided that such property
shall be the primary residence of the Gold Star parent.
There shall
be an alternative qualifying residential real property exemption for
Cold War veterans, under Real Property Tax law § 458-b,
Subsection 2(a) and (b), in the amount of 10% of the assessed value
of such property, not to exceed $4,000, or the product of $4,000 multiplied
by the latest state equalization rate of such property’s assessing
unit, subject to the definitions, limitations and requirements of
§ 458-b.
For Cold
War veterans disabled, there shall be an exemption in the amount equal
to the extent of the product of the assessed value of such property
multiplied by 50% of the Cold War veteran’s disability rating;
provided, however, that such exemption shall not exceed $20,000 or
the product of $20,000 multiplied by the latest state equalization
rate for the assessing unit.