[Adopted 3-20-1996 by L.L. No. 2-1996]
[Amended 3-15-2006 by L.L. No. 1-2006]
The purpose of this article is to maintain the ratio of the amount of the veterans exemption to the assessed valuation of the property on which the exemption was granted when the ratio may change as a result of a revaluation or update of assessment, as authorized by Subdivision 5(a) of § 458 of the Real Property Tax Law; to permit veterans to reapply for the exemption as authorized by Subdivision 5(b) of said § 458 of the Real Property Tax Law; and to provide for the increased alternative exemption available under Subdivision 2(d) of § 480-a of the Real Property Tax Law, as amended by Chapter 256 of the Laws of 2005.
A. 
If the total assessed value of real property for which an exemption has been granted pursuant to § 458 of the Real Property Tax Law has been increased or decreased as a result of a revaluation or update of assessments in the Town of Putnam Valley, and a material change in level of assessment has been certified by the State Board of Real Property Services for the assessment roll on which such property is assessed, the Assessor shall increase or decrease the amount of such exemption by multiplying the amount of such exemption by such change in level of assessment.
B. 
In accordance with of Subdivision 5(a) of such § 458, if the Assessor receives the certification from the State Board after the final assessment roll has been filed, the Assessor shall certify the amount of the recomputed exemption to the officer having custody and control of the roll who is directed and authorized by such statute to enter the recomputed exemption on the roll.
C. 
As an alternative to the exemption available under § 458 of the Real Property Tax Law and Subsections A and B of this section, qualifying residential real property may be exempt from taxation to the extent of 15% of the assessed value of such property; provided, however, that such exemption shall not exceed $54,000 or the product of $54,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.
[Added 3-15-2006 by L.L. No. 1-2006]
D. 
In addition to the alternative exemption provided by Subsection C of this section, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States Campaign Ribbon or Service Medal, qualifying residential real property shall also be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such additional exemption shall not exceed $36,000 or the product of $36,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the class ratio, whichever is less.
[Added 3-15-2006 by L.L. No. 1-2006]
E. 
In addition to the alternative exemptions provided by Subsections C and D of this section, 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 shall also 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 additional exemption shall not exceed $180,000 or the product of $180,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less. For purposes of this subsection, where a person who served in the active military, naval or air service during a period of war died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
[Added 3-15-2006 by L.L. No. 1-2006]
A veteran who had received an exemption under such § 458 and who had opted for the alternate exemption of § 458-a of such law may reapply for the exemption under § 458 as authorized by of Subdivision 5(b) of such § 458, if such veteran applies within one year from the adoption of this article.