[Adopted 3-8-2005 by L.L. No. 4-2005 (Ch. 47A, Art. VI,
of the 1968 Compilation)]
[Amended 4-8-2008 by L.L. No. 1-2008]
The exemptions provided in this article are authorized by Real
Property Tax Law §§ 458, 458-a and 458-b. All terms
used in this article shall have the meaning provided in the relevant
provisions of the Real Property Tax Law.
A.
Pursuant to Real Property Tax Law § 458, where a qualifying
residential property, owned by a qualifying owner, has been purchased
with pension, bonus or insurance monies or other eligible funds, the
assessed valuation of the property shall be reduced to the extent
that eligible funds were used in the purchase, such reduction not
to exceed $5,000.
[Added 4-8-2008 by L.L. No. 1-2008; amended 7-12-2016 by L.L. No. 7-2016]
A.
Pursuant to Real Property Tax Law § 458-b, 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 $75,000 or the product of $75,000 multiplied
by the latest uniform percentage of value established by the Village
of Sag Harbor Board of Trustees, whichever is less.
B.
In addition to the exemption provided by Subsection A of this section, where the Cold War veteran received a compensation rating from the United States Department of 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 $250,000 or the product of $250,000 multiplied by the latest uniform percentage of value established by the Village of Sag Harbor Board of Trustees, whichever is less.
[Amended 7-12-2016 by L.L. No. 7-2016]
A.
In lieu of receiving the exemption provided in § 250-6 above, pursuant to Real Property Tax Law § 458-a, qualifying residential property, owned by a qualifying owner, 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 $75,000.
B.
In addition to the exemption provided by Subsection A, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, qualifying residential property shall also be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed $50,000.
C.
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veterans Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed $250,000. For purposes of this subsection, where a person who served in the active military, naval or air service during a period of war died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
D.
Qualifying owners who switched from the eligible funds exemption
to the alternative exemption may switch back to the eligible funds
exemption and receive the change in level exemption.
The exemption from taxation provided by this article shall be
applicable to Village taxation but shall not be applicable to taxes
levied for school purposes.
Application for such exemption must be made by the owner, or
all of the owners, of the property on a form prescribed by the State
Board. The owner or owners shall file the completed form in the Assessor's
office on or before the appropriate taxable status date.
Notwithstanding any other provision of law to the contrary,
the provisions of this article shall apply to any real property held
in trust solely for the benefit of a person or persons who would otherwise
be eligible for a real property tax exemption, pursuant to this article,
were such person or persons the owner or owners of such real property.
Any conviction of having made any willful false statement in
the application for such exemption shall be subject to the penalties
prescribed in the penal law.
The exemptions in this article shall apply to assessment rolls
prepared on the basis of taxable status dates occurring on or after
January 1, 2005. Local officers are directed and authorized to enter
the recomputed exemption certified by the Assessor on the 2005 assessment
roll.
