The City of Newburgh hereby elects to provide for a Cold War
veterans exemption pursuant to § 458-b of the Real Property
Tax Law of the State of New York.
In addition to the exemption provided by Real Property Tax Law
§ 458-b, Subdivision (a), the City of Newburgh hereby adopts
the following disability exemption as provided in Subdivision (b)
of said law: 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 $40,000, or
the product of $40,000 multiplied by the latest state equalization
rate for the assessing unit, or, in the case of a special assessing
unit, the latest class ratio, whichever is less.