[HISTORY: Adopted by the Town Board of the
Town of Mamakating 4-1-2008 by L.L. No. 1-2008. Amendments noted where
applicable.]
New York State Real Property Tax Law § 458-b
authorizes a partial exemption from real property taxes on qualifying
residential real property for Cold War veterans, as defined in the
Real Property Tax Law § 458-b.
The terms "Cold War veterans," "service-connected,"
"qualified owner," "qualified residential real property" and "latest
state equalization rate" when referenced in this chapter shall have
the definition(s) ascribed to them in Real Property Tax Law § 458-b.
A.
Pursuant to § 458-b, Subdivision 2(a), of
the Real Property Tax Law, the Town of Mamakating is authorized to
adopt a local law establishing a partial exemption from the Town portion
of real property taxes for Cold War veterans or qualified owners who
own qualified residential real property within the Town of Mamakating.
B.
It is the desire of the Town Board of the Town of
Mamakating to provide for such exemption of Town of Mamakating properties
to reward Cold War veterans for the valued service to our country.
C.
The partial real property tax exemption granted by this chapter shall
apply to qualifying owners of qualifying real property for as long
as they remain qualifying owners, without regard to the ten-year limitation
contained in state Real Property Tax Law § 458-b, Subdivision
2(c)(iii).
[Added 12-5-2017 by L.L.
No. 2-2017]
Pursuant to § 458-b, Subdivision 2(a)(ii),
of the Real Property Tax Law, the maximum exemption allowable from
Town of Mamakating real property taxes shall be 15% of the qualifying
residential real property assessment not to exceed $12,000 or the
product of $12,000 multiplied by the latest state equalization rate
of the assessing unit, whichever is less.
Pursuant to § 458-b, Subdivision 2(b), of the Real Property Tax Law, there shall be an exemption, in addition to the exemption provided in § 175-4 above, for a Cold War veteran who received a compensation rating from the United States Veterans Affairs or from the United States Department of Defense because of a service-connected disability. This exemption shall be equal to the product of the assessed value of the qualifying residential real 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, whichever is less.
If a Cold War veteran receives an exemption
pursuant to Real Property Tax Law § 458 or § 458-a,
the Cold War veteran shall not be eligible to receive the exemption
established by this chapter.
This chapter shall take effect immediately upon
its filing in the office of the Secretary of State.
