[Adopted 3-12-2018 by L.L. No. 3-2018[1]]
[1]
Editor’s Note: This local law also repealed former Art.
V, Cold War Veterans Exemption, adopted 11-21-2007 by L.L. No. 4-2007.
This article is adopted pursuant to the authority of Real Property
Tax Law, § 458-b, as added by Chapter 290 of the Laws of
2017.
The terms used in this article shall have the same meanings
as such terms are used in Real Property Tax Law § 458-b.
A.
A qualified residential real property owned by a Cold War veteran
shall be exempt from taxation to the extent of 10% of assessed value
as shown on the latest completed assessment roll of the Town, not
exceeding $8,000 or the product of $8,000 multiplied by the latest
state equalization rate for the Town, whichever is the lesser amount.
B.
In addition to the exemption provided by Subsection A of this section, a Cold War veteran having a disability rating shall also be eligible for the additional exemption which shall be computed by multiplying the assessed value as shown on the latest completed assessment roll of the Town by the percentage of disability, not exceeding $40,000 or the product of $40,000 multiplied by the latest state equalization rate, whichever is the lesser amount.
C.
A qualified residential real property owned by a Cold War veteran
shall be exempt from taxation for as long as the property and owner
remain qualified, and there shall be no time limitation on the exemption.
