This exemption is enacted pursuant to the authority and in accordance
with Real Property Tax Law § 458-b. All terms and definitions
of such section shall be equally applicable.
The purpose of this article is to exempt from real property
taxes property owned by Cold War veterans, as authorized by § 458-b
of the Real Property Tax Law.
An exemption under § 458-b of the Real Property Tax
Law of the State of New York is hereby granted amounting to 10% of
the assessed value of such property; provided, however, that such
exemption shall not exceed $8,000 or the product of $8,000 multiplied
by the latest state equalization rate of the assessing unit, whichever
is less.
Additionally, 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 $40,000, or
the product of $40,000 multiplied by the latest state equalization
rate for the assessing unit, whichever is less.
Additionally, the exemption authorized by § 458-b
of the Real Property Tax Law shall apply to qualifying owners of qualifying
real property for as long as they remain qualifying owners, without
regard to the ten-year exemption period limitation.
