[Adopted 6-22-2009 by L.L. No. 5-2009[1]]
[1]
Editor's Note: Local Law No. 1-2018, adopted 9-10-2018, provided
that this exemption shall continue to apply to qualified owners and
similarly qualified real property for as long as appropriately qualified,
without regard to the ten-year limitation, all pursuant to Real Property
Tax Law § 458(2)(c)(iii).
It is the intent of the within article to adopt an article to
provide a qualified owner an exemption for qualifying residential
real property from taxation to the extent of 10% of the assessed value
of such property which exemption shall not exceed $6,000 and, in addition,
to provide a disability exemption to the multiple of 50% of the disability
rating not to exceed $30,000, all as set forth in Real Property Tax
Law § 458-b.
A.
As is authorized by Real Property Tax Law § 458-b, the
Town of Albion does hereby provide that qualifying residential real
property shall be exempt form taxation to the extent of 10% of the
assessed value of such property; provided, however, that such exemption
shall not exceed $6,000 or the product of $6,000 multiplied by the
latest state equalization rate of the assessing unit, or, in the case
of a special assessing unit, the latest class ratio, whichever is
less.
B.
In addition, as is authorized by Real Property Tax Law § 458-b, 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, 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 $30,000, or the product of $30,000 multiplied by the latest state equalization rate for the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less.
