[Adopted 10-6-1998 by L.L. No. 6-1998 (Ch.
190, Art. VI of the 1976 Code)]
Title to that portion of real property owned
by a cooperative apartment corporation in which a tenant-stockholder
of such corporation resides and which is represented by his share
or shares of stock in such corporation as determined by its or their
proportional relationship to the total outstanding stock of the corporation,
including that owned by the corporation, shall be deemed to be vested
in such tenant-stockholder and shall be subject to exemption from
taxation, to the extent such tenant-stockholder is eligible and qualifies
in accordance with and pursuant to the provisions of § 458
or § 458-a, as may be applicable, of the Real Property Tax
Law.
[Added 11-16-2010 by L.L. No. 8-2010]
As used in this article, the following terms shall have the
meanings indicated:
As defined in Subdivision 7(a) of § 458-a of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to veterans exemptions.
As defined in Subdivision 1(c) of § 458-a of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to veterans exemptions.
As defined in Subdivision 1(d) of § 458-a of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to veterans exemptions, with regard to such real property
within the Village.
The Real Property Tax Law of the State of New York, as such
law is amended from time to time.
As defined in Subdivision 1(e) of § 458-a of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to veterans exemptions.
Village of Great Neck.
[Added 11-16-2010 by L.L. No. 8-2010]
A.
Pursuant to the provisions of Subdivision 5 of § 458 of
the RPTL with regard to the veterans real property tax exemption,
if the total assessed value of the real property for which such exemption
has been granted increases or decreases as the result of a revaluation
or update of assessments, and a material change in level of assessment,
as provided in Subdivision 2 of Article 12 of the RPTL, is certified
for the assessment roll pursuant to the rules of the State Board,
the Village Assessor shall increase or decrease the amount of such
exemption by multiplying the amount of such exemption by the change
in level of assessment factor. If the Village Assessor receives the
certification after the completion, verification, and filing of the
final assessment roll, the Village Assessor shall certify the amount
of exemption as recomputed pursuant to this section to the local officers
having custody and control of the roll, and such local officers are
hereby directed and authorized to enter the recomputed exemption certified
by the Village Assessor on the roll.
B.
Owners of property who previously received an exemption pursuant to § 458 of the RPTL, but who opted instead to receive exemption pursuant to § 458-a of the RPTL, may again receive an exemption pursuant to § 458 of the RPTL upon application by the owner within one year of the adoption of the local law that adopted this Subsection B.
[Added 11-16-2010 by L.L. No. 8-2010]
A.
The maximum exemption allowable to qualifying residential real property
exempt from taxation pursuant to Subdivision 2(a) of § 458-a
of the RPTL to the extent of 15% of the assessed value is increased
to $54,000.
B.
The maximum additional exemption allowable to qualifying residential
real property exempt from taxation pursuant to Subdivision 2(b) of
§ 458-a of the RPTL to the extent of 10% of the assessed
value is increased to $36,000.
C.
The maximum additional exemption allowable to qualifying residential
real property exempt from taxation pursuant to Subdivision 2(c) of
§ 458-a of the RPTL to the extent of 50% of the assessed
value is increased to $180,000.
D.
Pursuant to Subdivision 7(b) of § 458-a of the RPTL, the
property owned by a gold star parent shall be included within the
definition of 'qualifying residential real property,' provided
that such property shall be the primary residence of the gold star
parent.
E.
Where a veteran, the spouse of the veteran, or unremarried surviving
spouse already receiving an exemption from the Village pursuant to
§ 458-a of the RPTL sells the property receiving the exemption
and purchases property within the Village, the Village Assessor shall
transfer and prorate, for the remainder of the fiscal year, the exemption
received. The prorated exemption shall be based upon the date the
veteran, the spouse of the veteran, or unremarried surviving spouse
obtains title to the new property and shall be calculated by multiplying
the tax rate for the Village on the appropriate tax roll used for
the fiscal year during which the transfer occurred times the previously
granted exempt amount times the fraction of the fiscal year remaining
subsequent to the transfer of title. Nothing in this section shall
be construed to remove the requirement that any such veteran, the
spouse of the veteran, or unremarried surviving spouse transferring
an exemption pursuant to this subdivision shall reapply for the exemption
authorized pursuant to this section on or before the following taxable
status date, in the event such veteran, the spouse of the veteran,
or unremarried surviving spouse wishes to receive the exemption in
future fiscal years.
