[Amended 12-28-2017 by L.L. No. 4-2017]
In accordance with the provisions of § 458-b of the Real Property Tax Law of the State of New York, residential real property owned by veterans who rendered military service to the United States during the Cold War shall be partially exempt from Town taxation in accordance with the percentages set forth in §
185-19 hereof. The exemption authorized herein 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 provided by § 458-b of the Real Property Tax Law of the State of New York.
Pursuant to § 458-b(2)(a)(ii) of the Real Property
Tax Law, said maximum exemption allowable from Town real property
taxation shall be 15% of the property’s assessment, not to exceed
$12,000, or the product of $12,000 multiplied by the latest final
state equalization rate, whichever is less.
Additionally, pursuant to § 458-b(2)(b) of the Real
Property Tax law, where a Cold War veteran received a compensation
rating from the United States 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 equalization rate, whichever is
less.