[Adopted 11-14-2017 by L.L. No. 1-2017[1]]
[1]
Editor’s Note: This local law also superseded former
Art. VII, Cold War Veterans Exemption, adopted 11-20-2007 by L.L.
No. 6-2007.
The New York State Legislature has enacted a new law amending
the tax exemption provided for veterans of the Cold War who served
for more than one year, 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 as recently granted pursuant to § 458-b
of the New York State Real Property Tax Law as amended on September
12, 2017.
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.
The primary residence of a Cold War veteran or the unremarried
surviving spouse of a Cold War veteran unless that person is absent
from the property due to medical reasons or institutionalization.
In the event that a portion of the property is not used exclusively
for residential purposes, that portion is not entitled to the exemption.
In such cases, the assessor may apportion the assessed value and apply
the exemption only to the residential portion of the property.
A.
Pursuant to Real Property Tax Law § 458-b, as amended on
September 12, 2017, 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 additional to the exemption provided by Subsection A of this section, where the Cold War veteran received a compensation rating from the United States Veteran's Affairs or from the United States Department of Defense because of a service-connected disability, the qualifying residential real property shall be exempt from the 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 apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to the ten-year limitation previous set forth in Real Property Tax Law § 458-b and Local Law 6 of 2007.
