[Adopted 10-16-2008 by L.L. No. 3-2008]
[Amended 2-15-2018 by L.L. No. 1-2018]
In accordance with the provisions of § 458-b of the Real Property Tax Law of the State of New York, residential real property owned by veterans who rendered military service to the United States during the Cold War shall be partially exempt from Town of Ghent taxation in accordance with the percentages set forth in § 161-12 hereof.
Notwithstanding the ten-year limitation period pursuant to Real Property Tax Law § 458-b, Subdivision 2, Paragraph (c), Subparagraph (iii), the exemption authorized by Real Property Tax Law § 458-b shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to such ten-year limitation.
The maximum exemption allowable from Town of Ghent real property taxation pursuant to § 458-b, Subdivision 2(a)(ii), shall be 15% of the property’s assessment, not to exceed $12,000 multiplied by the latest final state equalization rate for service during the Cold War and a percentage of the property’s assessment equal to 1/2 of any service-connected disability rating not to exceed $40,000 multiplied by the latest final state equalization rate.