[Adopted 5-14-2008 by L.L. No. 2-2008]
[Amended 8-15-2012 by L.L. No. 9-2012; 5-17-2017 by L.L. No. 3-2017]
The Town of Lloyd adopts the exemption for Cold War veterans pursuant to Real Property Tax Law (RPTL) § 458-b. The maximum exemptions allowable from Town real property taxation, pursuant to § 458-b of the Real Property Tax Law, shall be 15% of the property's assessment, not to exceed $45,000 multiplied by the latest final state equalization rate for service during the Cold War and the percentage of the property's assessment equal to 1/2 of any service-connected disability rating, not to exceed $150,000 multiplied by the latest final state equalization rate.
Any Veteran who has applied for an exemption pursuant to §§ 458-a or 458-b of the Real Property Tax Law, and is granted such exemption pursuant to § 458-a, may not thereafter receive an exemption pursuant to this article, unless the owner sells the property receiving the exemption and uses the proceeds to purchase property in a municipality that has adopted and has in effect a local law as provided in § 458-a, Subdivision 4. In such an event the owner may again receive the exemption pursuant to Subdivision 1 of § 458 of the Real Property Tax Law.
In the event that any portion of such property is not used exclusively for residential purposes, but is used for other purposes, such portion shall be subject to taxation and only the remaining portion, used exclusively for residential purposes, shall be subject to the exemption provided by this article. Such property shall be the primary residence of the Cold War veteran or the unmarried surviving spouse of the Cold War veteran, unless the Cold War veteran or unmarried surviving spouse is absent from the property due to medical reasons or institutionalization.
[Amended 8-15-2012 by L.L. No. 9-2012; 2-7-2018 by L.L. No. 4-2018]
Application for exemption shall be made by the owner or all the owners of the property in the Assessor's office on or before the first appropriate taxable status date. Pursuant to Chapter 290 of the New York State Laws of 2017 this exemption shall remain in effect indefinitely or until such time as it is revoked by local law or authorizing state legislation requires modification. The owner or owners of the property shall not be required to refile each year. Applicants shall be required to refile on or before the appropriate taxable status date after the percentage of disability increases or decreases, or may refile if other changes have occurred which affect qualification for an increased or decreased amount of exemption.
Application for exemption shall be made by the owner, or all of the owners, of the property on a form prescribed by the State Board. The owner or owners shall file the completed form in the Assessor's office on or before the first appropriate taxable status date. The exemption shall continue in full force and effect for all appropriate subsequent tax years, and the owner or owners of the property shall not be required to refile each year. Applicants shall be required to refile on or before the appropriate taxable status date if the percentage of disability percentage increases or decreases or may refile if other changes have occurred which affect the qualification for an increased or decreased amount of exemption.[1]
[1]
Editor’s Note: Former § 92-30, Measurement of duration of exemption, was repealed 2-7-2018 by L.L. No. 4-2018. This local law also renumbered former § § 92-31 and 92-32 as § § 92-30 and 92-31.