Qualifying
residential real property owned by a Cold War veteran, or other qualified
owner, shall be entitled to a partial exemption from taxation to the
extent of 15% of the assessed valuation, not to exceed $12,000 or
the product of $12,000 multiplied by the latest state equalization
rate. Additionally, where the Cold War veteran received a compensation
rating from the United States 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, not to
exceed $40,000, or the product of $40,000 multiplied by the latest
state equalization rate.
Pursuant to Subsection 2(c)(iii) of § 458-b of the NYS
Real Property Tax Law, the exemption authorized shall apply to qualifying
owners of qualifying real property for as long as they remain qualifying
owners, without regard to such ten-year limitation.