[Adopted 9-9-2014 by L.L. No. 4-2014]
The purpose of this article is to provide for the maximum veterans exemption from real property taxes which may be granted pursuant to § 458-a of the Real Property Tax Law of the State of New York.
Pursuant to the provisions of § 458-a of the Real Property Tax Law of the State of New York, the maximum veterans exemption from real property taxes allowable is established as follows:
A. 
Qualifying residential real property shall be exempt from taxation to the extent of 15% of the assessed value of such property; provided, however, that such exemption shall not exceed the lesser of $12,000 multiplied by the latest state equalization rate for the town in which the property is located.
B. 
In addition to the exemption provided by Subsection A of this section, where the veteran served in a combat theatre or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also 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 the lesser of $8,000 or the latest state equalization rate for the town in which the property is located.
C. 
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veterans Administration because of a service-connected disability, qualifying residential property shall be exempt from taxation to the extent of the product of the assessed value of such property multiplied by 50% of the veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of $40,000, or the product of $40,000 multiplied by the latest state equalization rate for the town/village in which the property is located.
This article shall take effect immediately upon adoption and its filing with the Secretary of State and shall apply to the assessment rolls prepared on the basis of taxable status dates occurring on or after May, 2014.