[Adopted 12-28-2017 by L.L. No. 4-2017[1]]
[1]
Editor's Note: This local law also repealed former Art. VI,
Cold War Veterans Exemption, adopted 12-11-2008 by L.L. No. 1-2008.
This article is adopted pursuant to the authorization granted
by Real Property Tax Law § 458-b. All definitions, terms
and conditions of such statute shall apply to this article.
Qualifying residential real property owned by a Cold War veteran,
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 Department of
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 the $40,000 multiplied by the latest state equalization rate.
Any other local law, ordinance or resolution inconsistent herewith
is hereby repealed. This article expressly repeals and replaces any
prior local law adopted by this Board establishing such exemption.
This article shall take effect immediately upon its filing in
the Office of the Secretary of State and be effective with the 2018
assessment roll.
