Village of Massapequa Park, NY Article XI Cold War Veterans Exemption

[Adopted 8-11-2008 by L.L. No. 5-2008]

§ 304-46 Statutory authority; legislative intent.

This article is enacted pursuant to § 458-b of the New York State Real Property Tax Law and is intended to recognize veterans who served on active duty in the United States Armed Forces between September 2, 1945 and December 26, 1991, and who are not currently receiving either the eligible funds or alternative veterans exemption.

§ 304-47 Exemption amount; compensation rating; duration.

A. 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 $12,000 or the product of $12,000 multiplied by the latest state equalization rate for the assessing unit.

B. In addition to the exemptions provided by Subsection A of this section, where the Cold War veteran received a compensation rating from the United States Veterans' 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 Cold War veteran's disability rating; provided, however, that such exemption shall not exceed $40,000 or the product of $40,000 multiplied by the latest state equalization rate for the assessing unit. If a Cold War veteran receives the exemption under § 458 or § 458-a of the Real Property Tax Law, the Cold War veteran shall not be eligible to receive the exemption under this section.

C. The exemption provided by Subsections A and B of this section shall be granted for a period of 10 years. The commencement of such ten-year period shall be governed pursuant to this subsection. Where a qualified owner owns qualifying residential real property on the effective date of this article, such ten-year period shall be measured from the assessment roll prepared pursuant to the first taxable status date occurring on or after the effective date of this article. Where a qualified owner does not own qualifying residential real property on the effective date of this article, such ten-year period shall be measured from the assessment roll prepared pursuant to the first taxable status date occurring within 60 days after the date of purchase of residential real property; provided, however, that should the Cold War veteran apply for and be granted an exemption on the assessment roll prepared pursuant to a taxable status date occurring within 60 days after the date of purchase of residential real property, such ten-year period shall be measured from the first assessment roll in which the exemption occurs. If, before the expiration of such ten-year period, such exempt property is sold and replaced with other residential real property, such exemption may be granted pursuant to this Subsection C for the unexpired portion of the ten-year exemption period.

§ 304-48 When effective; applicability

This article shall take effect immediately and shall apply to assessments rolls prepared on the basis of taxable status dates occurring on or after the first day of June next succeeding the date on which this article shall become effective.