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.
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.