The New York State Legislature has recently
authorized local taxing units to adopt greater exemptions for veterans
with respect to the real property taxation on their qualifying residential
property. In order to implement these higher exemptions, the Town
Board does hereby adopt this article.
[Amended 10-19-2021 by L.L. No. 5-2021; 2-15-2022 by L.L. No. 2-2022]
A. Qualifying residential real property, as defined in
New York State Real Property Tax Law § 458-a, 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 $75,000 or
the product of $75,000 multiplied by the latest state equalization
rate for the assessing unit.
B. In addition to the exemption provided by Subsection
A of this §
275-9.1, where the veteran served in a combat theater or combat zone of operations as documented by the award of the United States campaign ribbon or service medal, qualifying residential real property, as defined in New York State Real Property Tax Law § 458-a, 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 $50,000 or the product of $50,000 multiplied by the latest state equalization rate for the assessing unit.
C. In addition to the exemptions provided by Subsections
A and
B of this §
275-9.1, where the veteran received a compensation rating from the United States Veterans' Administration or from the United States Department of Defense because of a service-connected disability, qualifying residential real property, as defined in New York State Real Property Tax Law § 458-a, 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 $250,000 or the product of $250,000 multiplied by the latest state equalization rate for the assessing unit. For the purposes of this subsection, for a person who served in the active military, naval or air service during a period of war and who died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
This article shall take effect January 2, 2006,
and shall apply to assessment rolls based on taxable status dates
occurring on or after such date.