[Adopted 10-6-2008 by L.L. No. 4-2008; amended in its entirety 12-7-2015 by L.L. No. 6-2015]
A. 
As is authorized by Real Property Tax Law § 458-b, the City of Corning does hereby provide that 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 $18,000 or the product of $18,000 multiplied by the latest state equalization rate of the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less.
B. 
In addition, as is authorized by Real Property Tax Law § 458-b, to the exemption provided by this section of the City Code, where the Cold War veteran received a compensation rating from the United States Department of Veterans Affairs 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 disability rating; provided, however, that such exemption shall not exceed $60,000 or the product of $60,000 multiplied by the latest state equalization rate for the assessing unit, or, in the case or a special assessing unit, the latest class ratio, whichever is less.
C. 
Pursuant to Subsection 2(c)(iii) of §458-b of the New York State Real Property Tax Law, the exemption authorized shall apply to qualifying owners of real property for as long as they remain qualifying owners, without regard to the ten-year limitation.
[Added 1-2-2018 by L.L. No. 1-2018]