[Adopted 12-1-2008 by L.L. No. 1-2008;
amended in its entirety 5-7-2018 by L.L. No. 3-2018]
Pursuant to Real Property Tax Law § 458-b:
A.
All definitions, terms and conditions of such statute
shall apply to this article.
B.
Qualifying residential real property owned by a Cold War veteran
(persons who served on active duty between September 2, 1945, and
December 26, 1991), 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's disability rating, not to exceed $40,000 or the product
of $40,000 multiplied by the latest state equalization rate.
C.
Pursuant to Subdivision 2(c)(iii) of § 458-b of the New
York State 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.
D.
This article shall take effect immediately upon its filing with the
Secretary of State and shall be applicable to all assessment rolls
prepared pursuant to the first taxable status date occurring on or
after the effective date of this article.
