[Adopted 10-26-1985 by L.L. No. 2-1985]
If the ratio between an exemption granted under § 458
of the Real Property Tax Law and the total assessed value of the real
property for which such exemption has been granted increases or decreases
due only to a full value assessment in the tax district in which such
real property is located, the amount of the exemption heretofore or
hereafter granted shall be increased or decreased in such subsequent
year in the same proportion as the total assessed value has been increased
or decreased.
[Added 3-13-1997 by L.L. No. 3-1997]
A.
It is the purpose and intent of this section to adopt legislation
pursuant to Real Property Tax Law § 458(a), effective January
1, 1997, to direct the Town Assessor to adjust the cap of the alternative
veterans tax exemption to ensure that the veteran will receive approximately
the same amount of exemption that he previously received.
B.
Amount of exemption. The Assessor of the Town of Colden is hereby
directed to raise the cap of the alternative veterans tax exemption
to a maximum of $120,000 of assessed value, with the maximum tax exemption
for wartime service to be $18,000 (15%), with an additional maximum
exemption of $12,000 (10%) for combat duty, times the applicable equalization
rate. Additionally, the maximum amount of tax exemption for a disabled
veteran shall be $60,000. Said exemption shall be calculated by taking
the percentage of assessed value equal to 1/2 of the veterans' service
disability rating times the applicable equalization rate.
C.
Application of exemption. This exemption shall be applicable in accordance
with the provisions of the Real Property Tax Law.
[Added 12-11-2008 by L.L. No. 2-2008]
In accordance with Real Property Tax § 458-b:
A.
Qualifying residential real property shall be exempt 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 for the
Town of Colden, New York.
B.
In addition to the exemption provided by § 95-5.5.1A, 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
property shall be exempt from taxation to the extent of the product
of the assessed valuation of property multiplied by 50% of the Cold
War veteran's disability rating; provided, however, that such exemption
shall not exceed $40,000 or the product of $40,000 multiplied by the
latest equalization rate for the Town of Colden, New York.
C.
The exemption provided by § 95-5.5.1A shall be granted
for a period of 10 years. The commencement of such ten-year period
shall be governed by Real Property Tax Law § 458-b.
