[Adopted 11-19-2009 by L.L. No. 6-2009]
The purpose of this article is to allow for a tax exemption
for Village of Island Park Cold War veterans allowable pursuant to
§ 458-b of the Real Property Tax Law of the State of New
York.
A.
Pursuant
to Real Property Tax Law § 458-b and subject to its eligibility
requirements, residential real property owned by a Cold War veteran,
or the spouse or unremarried surviving spouse of a Cold War veteran,
shall be exempt from taxation to the extent of 10% of the assessed
value thereof, not to exceed $8,000, or $8,000 multiplied by the latest
state equalization rate for the Village of Island Park, whichever
is less.
B.
In addition to the exemption provided in Subsection A of this section, where a Cold War veteran has received a compensation rating because of a service-connected disability, qualifying residential real property shall be exempt from taxation to the extent of the product of the assessed valuation of such property multiplied by 50% of the disability rating, but such additional exemption shall not exceed $40,000, or the product of $40,000 multiplied by the latest state equalization rate for the Village of Island Park, whichever is less.
A.
If a Cold
War veteran receives the exemption under Real Property Tax Law § 458
or 458-a, the Cold War veteran shall not be eligible to receive the
exemption under this article.
B.
The exemption
provided under this article shall be granted for a period of 10 years.
The commencement of such ten-year period shall be governed by Real
Property Tax Law § 458-b.
Application for exemption shall be made by the owner or all
of the owners of the property on a form prescribed by the State Board
of Real Property Services. The owner or owners shall file the completed
form in the Assessor’s office on or before the first appropriate
taxable status date. The owner or owners of the property shall be
required to refile each year on or before the appropriate taxable
status date. Any applicant convicted of willfully making any false
statements in the application for such exemption shall be subject
to the penalties prescribed in the New York State Penal Law.
This article shall take effect immediately upon filing with
the New York Secretary of State and shall apply to assessment rolls
prepared on the basis of taxable status dates occurring on or after
such date.
