[Adopted 11-14-2007 by L.L. No. 6-2007]
The purpose of this article is to adopt the
exemption for Cold War veterans allowable pursuant to § 458-b
of the Real Property Tax Law.
Pursuant to the provisions of Paragraphs (a)
and (b) of Subdivision 2 of § 458-b of the Real Property
Tax Law of the State of New York, the Cold War veterans exemption
from real property taxes allowable pursuant to § 458-b of
the Real Property Tax Law 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 or the product of $12,000 multiplied by the latest state
equalization rate for the Town of LaGrange.
B.
In addition to the exemptions 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 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'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 of LaGrange.
C.
Duration of exemption. The ten-year limitation imposed within Real
Property Tax Law § 458-b(2)(c)(iii) shall not apply to qualifying
owners of qualifying real property for as long as they remain qualified
owners.
[Added 4-11-2018 by L.L. No. 4-2018]
