[Adopted 1-24-1985 by L.L. No. 1-1985;
amended in its entirety 2-13-2008 by L.L. No. 1-2008]
A.Â
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 $9,000 or the product of $9,000 multiplied by the latest state
equalization rate for the town in which the property is situated.
B.Â
In addition to the exemption provided by Subsection A 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 also shall exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed the lesser of $6,000 or the product of $6,000 multiplied by the latest state equalization rate for the town in which the property is situated.
C.Â
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veteran’s Administration 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 veteran’s disability rating; provided, however, that such exemption shall not exceed the lesser of $30,000 or the product of $30,000 multiplied by latest state equalization rate for the town in which the property is situated.
