[Adopted 8-19-1998 by L.L. No. 8-1998]
A.
Pursuant to Real Property Tax Law § 458, as amended by Chapter 171 of the Laws of 1997, the Village of Great Neck Plaza hereby extends the real property tax exemption currently enjoyed by veterans who are homeowners to those veterans who own shares in cooperative apartments.
B.
Such exemption shall be determined as set forth in Real Property Tax Law § 458, as amended by Chapter 171 of the Laws of 1997.
C.
Any reduction in Village taxes realized by such exemption
will be credited by the cooperative apartment co-op against the amount
of taxes otherwise payable by or chargeable to a veteran who is a
tenant-stockholder in a cooperative apartment. Such exemption shall
apply only to the shares of residential units where the veteran tenant-stockholder
actually lives.
D.
Notwithstanding anything else provided herein, a tenant-stockholder
who resides in a dwelling that is subject to the provisions of Article
2, 4, 5 or 11 of the New York Private Housing Financing Law shall
not be eligible for an exemption pursuant to this section.
E.
This exemption shall apply to assessment rolls prepared
on the basis of taxable status dates occurring on or after October
1, 1998.
