[Adopted 1-16-2008 by L.L. No. 1-2008]
[Amended 10-18-2017 by L.L. No. 3-2017]
In accordance with § 458-b of the Real Property Tax Law of the State of New York, residential real property owned by Cold War veterans, as defined therein, the spouse of a Cold War veteran, or the unremarried surviving spouse of a deceased Cold War veteran, shall be exempt from Town taxation to the extent provided in § 108-34 of this article; provided, however, that, notwithstanding the ten-year limitation imposed by the foregoing provisions of this paragraph in § 458 of the Real Property Tax Law, qualifying owners shall continue to receive the appropriate tax exemption without regard to the ten-year limitation.
The maximum exemption allowable from Town real
property taxation pursuant to § 458-b of the Real Property Tax
Law shall be 15% of the assessed value of such property, not to exceed
$12,000 or the product of $12,000 multiplied by the latest state equalization
rate, whichever is less; or alternatively, where the Cold War veteran
associated with the qualified owner received a compensation rating
from the United States Department of Veterans Affairs or from the
United States Department Of Defense because of a service-connected
disability, the 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, not to exceed $40,000,
or the product of $40,000 multiplied by the latest state equalization
rate, whichever is less.
