[Adopted 4-12-2011 by L.L. No. 2-2011]
This article is adopted pursuant to Real Property Tax Law § 458-b
for the purpose of providing a partial exemption from Town of Highland
real property tax to Cold War veterans and qualified owners of qualified
residential real property in the Town of Highland.
The terms "Cold War veteran," "armed force," "active duty,"
"service connected," "qualified owner," "qualified residential real
property," "latest state equalization rate" and "latest class ratio"
as used in this article or as used in the application of this article
shall have the same meanings ascribed to such terms in Real Property
Tax Law § 458-b(1).
A.
Qualified residential real property shall be exempt from taxation
by the Town of Highland to the extent of 15% of the assessed value
of such 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 Town of Highland or, in the case of
a special assessing unit, the latest class ratio, 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, qualified residential real property shall be exempt from taxation by the Town of Highland 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 multiplied by the latest state equalization rate for the Town of Highland or, in the case of a special assessing unit, the latest class ratio, whichever is less.
The exemption from taxing provided by this article shall be
subject to the limitations set forth in Real Property Tax Law § 458-b(2)(c)(ii)
and (iv).
Application for the exemption from taxation provided by this
article shall be made in conformance with the requirements of Real
Property Tax Law § 458-b(4).
