[Adopted 1-11-2011 by L.L. No. 1-2011]
Pursuant to the authority granted by § 458-b of the Real Property Tax Law of the State of New York providing a property tax exemption for qualified owners who served on active duty in the United States armed forces between September 2, 1945, and December 26, 1991, and who were honorably discharged. The exemption shall be 15% of the assessed value of the qualifying residential property; provided however, that such exemption shall not exceed $12,000 or the product of $12,000 multiplied by the latest state equalization rate of the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less.