[Adopted 10-14-2008 by L.L. No. 2-2008]
The Common Council of the City of Glens Falls finds that it is in the best interest of the City to provide for an exemption for Cold War veterans as is set forth in Real Property Tax Law § 458-b. The purpose of this article is to provide for the maximum exemption allowable for Cold War veterans in accordance with the New York State Real Property Tax Law § 458-b. With regard to the exemptions as set forth herein, the provisions of Real Property Tax Law § 458-b relating to definitions, limitations, time frames and applications existing as of the effective date of this article shall apply.
Pursuant to the provisions of New York State Real Property Tax Law § 458-b, Subdivisions 2(a) and 2(b), the maximum exemption allowable from real property taxes for Cold War veterans is established as follows:
To qualify as a Cold War veteran for this purpose, the applicant must have served on active duty in the United States Armed Forces for more than one year between September 2, 1945, and December 26, 1991, been discharged or released under honorable conditions, and been awarded a Cold War recognition certificate.
The property eligible for this exemption must be used exclusively for residential purposes. It must also be the primary residence of a Cold War veteran or the unremarried surviving spouse of a Cold War veteran. If the property is of mixed residential and nonresidential use, the Assessor may apportion the assessed value and apply the exemption only to the residential portion of the property.
Although the law defines the Cold War as encompassing the Korean and Vietnam War periods, as well as portions of World War II and the Persian Gulf conflict, an individual cannot receive the Cold War veterans exemption if he or she is also receiving either an eligible funds veterans exemption (RPTL § 458) or an alternative veterans exemption (RPTL § 458-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 $8,000 or the product of $12,000 multiplied by the latest state equalization rate of the assessing unit.
In addition to the exemption provided by Subsection D 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'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 assessing unit.
This article shall take effect upon filing with the Secretary of State of the State of New York.
[Added 12-12-2017 by L.L. No. 9-2017]
The exemption provided in §§ 196-59 and 196-60 of Taxation, Article X, Exemption for Cold War Veterans, shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to the ten-year limitation set forth in New York State Real Property Tax Law § 458-b and originally enacted by the City of Glens Falls on October 14, 2008, by passage of Local Law No. 2-2008.