The Town of Newburgh hereby authorizes the exemption for Cold
War Veterans to qualified owners of qualified residential properties
pursuant to § 458-b of the Real Property Tax Law of the
State of New York and such exemption is hereby made permanent so long
as the qualified owner remains a qualified owner rather than subject
to a ten-year limit. Such exemption shall be the maximum allowed pursuant
to § 458-b, to wit: 15% of the assessed value of such qualifying
property, not to exceed $12,000 or the product of $12,000 multiplied
by the latest state equalization rate of the Town, whichever is less,
except 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,
such property shall be exempt to the extent of the product of its
assessed value multiplied by 50% of the veteran's disability rating,
not to exceed $40,000 or the product of $40,000 multiplied by the
latest equalization rate for the Town, whichever is less.