[Adopted 1-8-1985 by L.L. No. 1-1985]
The Naples Town Board adopts and accepts the
Option "B" of proposed Real Property Tax Law of the State of New York,
pursuant to § 458-a, as follows:
A.
Qualifying residential real property shall be exempt
to the extent of 15% of the assessed value, provided that such exemption
shall not exceed the lesser of $6,000 or the product of $6,000 by
the latest state equalization rate of the locality.
B.
In addition to the exemption in Subsection A of this section, where a veteran served in a combat theatre or combat zone, as documented by award of the United States, qualifying residential real property shall be exempt to the extent of 10% of the assessed value, provided that such exemption shall not exceed the lesser of $4,000 or the product of $4,000 multiplied by the latest state equalization rate of the locality.
C.
In addition to the exemption in Subsections A and B of this section, where a veteran received a compensation rating from the United States Veterans Administration or related to a service-connected disability, qualifying residential real property shall be exempt from taxation to the extent of the product of assessed value, multiplied by 50% of the veterans disability rating, provided that such exemption shall not exceed the lesser of $20,000 or the product of $20,000 multiplied by the latest state equalization rate for the locality lived in.
