Section 458-b of the Real Property Tax Law of New York State authorizes towns to provide a partial exemption from real property taxation to Cold War veterans, who are those persons that served on active duty in the United States Armed Forces between September 2, 1945, and December 26, 1991, and were discharged or released therefrom under honorable conditions. Towns may establish the maximum amount of the exemption as permitted by § 458-b. This Town Board recognizes the important service to the United States rendered by all veterans and especially by those residing in the Town of Jerusalem and deems it to be highly appropriate and fitting to offer this exemption to Cold War veterans owning property in the Town.
[Adopted 11-16-2011 by L.L. No. 5-2011]
[Amended 5-15-2019 by L.L. No. 3-2019]
The provisions of § 458-b of the Real Property Tax Law of New York State shall be in effect in the Town of Jerusalem for tax rolls completed after 2011, subject to the maximum amounts provided in the next section. The exemption authorized by this section shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to the ten-year limitation otherwise established by Subsection 2(c)(iii) of § 458-b of the New York State Real Property Tax Law.
A.
Qualifying residential real property within the Town of Jerusalem shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption not exceed $8,000 or the product of eight thousand dollars multiplied by the latest state equalization rate of the Town.
B.
In addition to the exemption provided by Subsection A, 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.