[Adopted 10-27-2008 by L.L. No. 12-2008]
Definitions of the terms in this article are
in accordance with those set forth in § 458-b of the Real
Property Tax Law.
Qualifying residential real property owned by
a Cold War veteran or the spouse or unremarried surviving spouse of
a Cold War veteran shall be eligible for exemption in accordance with
Real Property Tax Law § 458-b, to the extent provided in
this article.
A.
Pursuant to Real Property Tax Law § 458-b
and subject to its eligibility requirements, real property in the
Incorporated Village of Rockville Centre owned by a Cold War veteran,
or the spouse or unremarried surviving spouse of a Cold War veteran,
shall be exempt from taxation to the extent of 15% of the assessed
value thereof, not to exceed $54,000, or $54,000 multiplied by the
latest state equalization rate of the assessing unit, whichever is
less.
[Amended 1-26-2010 by L.L. No. 1-2010]
B.
In addition to the exemption provided in Subsection A of this section, where a Cold War veteran has received a compensation rating because of a service-connected disability, qualifying residential real property shall be exempt from taxation to the extent of the product of the assessed valuation of such property, multiplied by 50% of the disability rating, but such additional exemption shall not exceed $180,000, or the product of $180,000 multiplied by the latest state equalization rate for the assessing unit, whichever is less.
[Amended 1-26-2010 by L.L. No. 1-2010]
C.
A Cold War veteran receiving an exemption under Real
Property Tax Law § 458 or 458-a shall not be eligible to
receive an exemption under this article.
Application for such exemption shall be made
by the owner, or all the owners, of the property on forms prescribed
by the State Board, and including the information and executed in
the manner required or prescribed in such forms on or before the appropriate
taxable status date.
The exemption authorized by this article shall
apply to assessment rolls prepared with a taxable status date occurring
at least 90 days after the effective date of this article.
