[Adopted 11-13-2007 by L.L. No. 4-2007; amended in its entirety 1-11-2018 by L.L. No. 1-2018]
The New York State Legislature has enacted a new amended tax
exemption for veterans of the Cold War who served for more than one
year on active duty in the United States Armed Forces between September
2, 1945, and December 26, 1991. The purpose of this legislation is
to provide the benefit allowable under the state law to veterans of
the Cold War. These limits are granted pursuant to § 458-b
of the New York State Real Property Tax Law.
As used in this article, the following terms shall have the
meanings indicated:
A person, male or female, who served on active duty for a
period of more than 365 days in the United States Armed Forces, during
the time period from September 2, 1945, to December 26, 1991, and
was discharged or released therefrom under honorable conditions.
A.
Pursuant to Real Property Tax Law § 458-b, qualifying residential
real property owned by a Cold War Veteran shall be exempt from taxation
to the extent of 10% of the assessed value of such property; provided,
however, that such exemption shall not exceed $8,000 or the product
of $8,000 multiplied by the latest final state equalization rate,
whichever is less.
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, the 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 final state equalization rate, whichever is less.
C.
If a Cold War veteran receives the exemption provided under § 458 or § 458-a of the Real Property Tax Law, the Cold War veteran shall not be eligible to receive the exemption under § 458-b of the Real Property Tax Law. The exemption provided by Subsection A of this section shall be granted to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to the previously enacted ten-year limitation.
This article shall take effect immediately upon filing in the
Office of the New York Secretary of State.
