[Adopted 1-21-1998 by L.L. No. 2-1998[1]]
[1]
Editor's Note: This local law superseded former Art. V, Alternative
Veterans Exemption, adopted 5-21-1997 by L.L. No. 1-1997.
A.
The purpose of this article is to adopt the maximum tax exemption
alternative for veterans as authorized by Chapter 417 of the Laws
of New York for 1997.
B.
Chapter 417 of the Laws of New York for 1997 amended Subdivision
2(d)(ii) of § 458-a of the New York State Real Property
Tax Law, allowing the City of Rensselaer to adopt a local law to increase
the maximum exemption allowed under this section.
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 $21,000 or the product
of $21,000 multiplied by the latest state equalization rate for the
respective assessing unit or, in the case of a special assessing unit,
the latest class ratio, whichever is less.
In addition to the exemption provided in § 155-18 of this article, 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 be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed $14,000 or the product of $14,000 multiplied by the latest state equalization rate for the respective assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.
In addition to the exemptions provided by §§ 155-18 and 155-19 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 veterans disability rating; provided, however, that such exemption shall not exceed $70,000 or the product of $70,000 multiplied by the latest state equalization rate for the respective assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less. For the purpose of this section, 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 upon filing with the Secretary
of the State and the Comptroller of the State of New York and shall
be applied to assessment rolls finalized in 1998.
