[Adopted 9-15-2008 by L.L. No. 10-2008]
The purpose of this article is to provide for
the maximum exemption allowable pursuant to § 458-b of the
Real Property Tax Law of the State of New York.
[Amended 1-8-2018 by L.L.
No. 1-2018]
Pursuant to the provisions of Subdivisions 2(a)
and 2(b) of § 458-b of the Real Property Tax Law of the
State of New York, the maximum exemption allowable from real property
taxes for Cold War veterans is established as follows:
A.
Qualifying residential real property shall be exempted from taxation
to the extent of 15% of the assessed value of such property; provided,
however, that such exemption shall not exceed $12,000 or the product
of $12,000 multiplied by the latest state equalization rate of the
assessing unit.
B.
In addition to the exemption provided by Subsection A of this section, 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; 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.
With regard to the exemptions set forth herein,
the provisions of § 458-b of the Real Property Tax Law relating
to definitions, limitations, time frames and applications existing
as of the effective date of this article shall apply.
[Amended 1-8-2018 by L.L.
No. 1-2018]
This article shall take effect upon filing with
the Secretary of State of the State of New York.
