[Adopted 10-13-2020 by L.L. No. 5-2020 (Res. No. 145-2020)]
A.
The purpose
of this article is to authorize a limited exemption from real property
taxes for residential real property owned by veterans and their surviving
spouses who rendered military service to the United States during
the "Cold War" pursuant to § 458-b of the Real Property
Tax Law.
B.
Pursuant
to Subdivision 2(c)(ii) of § 458-b of the Real Property Tax Law,
if a Cold War veteran receives the exemption under § 458 or §
458-a of the Real Property Tax Law, the Cold War veteran shall not
be eligible for this exemption.
Pursuant to Subdivision 2(c)(iii) of § 458-b of the New
York State Real Property Tax Law, the exemption authorized shall apply
to qualifying owners of qualifying real property for as long as they
remain qualifying owners, without regard to a ten-year limitation.
A.
Pursuant
to Subdivision 2(a) of § 458-b of the Real Property Tax Law of
the State of New York, and subject to the definitions, limitations
and requirements of said § 458-b, the Town of Southport hereby
adopts the qualifying residential real property exemption under Subdivision
2(a)(ii) of § 458-b of the Real Property Tax Law of the State
of New York, that is, an exemption in the amount of 15% of the assessed
value of such property; provided, however, that such exemption shall
not exceed $12,000 or the product of $12,000 multiplied by the latest
state equalization rate of such property's assessing unit, or, in
the case of a special assessing unit, the latest class ratio, whichever
is less.
B.
Pursuant
to Subdivision 2(b) of § 458-b of the Real Property Tax Law of
the State of New York, and subject to the definitions, limitations
and requirements of said § 458-b, the Town of Southport hereby
adopts the qualifying residential real property exemption under Subdivision
2(b) of § 458-b of the Real Property Tax Law of the State of
New York. 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 a service-connected disability, qualifying
residential real property shall be exempt from taxation to the extent
of the product of the assessed value of such property multiplied by
50% of the Cold War veteran disability rating; provided, however,
that such exemption, as permitted by Subdivision 2(c)(iii), shall
not exceed $40,000 or the product of $40,000 multiplied by the latest
state equalization rate for the assessing unit, the latest class ratio,
whichever is less.
This article shall take effect immediately upon its filing with
the Secretary of State and shall be applicable to all assessment rolls
prepared pursuant to the first taxable status date occurring on or
after the effective date of this article.
