[Adopted 4-4-2006 by L.L. No. 1-2006[1]]
[1]
Editor's Note: This local law also indicated
that Chapter 256 of the Laws of New York for 2005 amended § 458-a
of the Real Property Tax Law authorizing the adoption of a local law
to increase the maximum tax exemption for veterans.
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
$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 latest class ratio, whichever is less.
In addition to the exemption provided by § 251-32 of this article, where the veteran served in a combat theater or combat zone of operation, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also 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 $24,000 or the product of $24,000 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.
In addition to the exemptions provided by §§ 251-32 and 251-33 of this article, where the veteran received a compensation rating from the United States Veteran's Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed $120,000 or the product of $120,000 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 the purposes of this article, 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%.
This article shall take effect January 2, 2006,
and shall apply to assessment rolls prepared on the basis of taxable
status dates occurring on or after such date.
