[Adopted 10-6-2008 by L.L. No. 2-2008]
The purpose of this article is to adopt a real property tax
exemption in the Village of Chester for Cold War veterans as authorized
by Real Property Tax Law § 458-b.
A.
The Village of Chester hereby adopts the real property tax exemption
for Cold War veterans as authorized by Real Property Tax Law § 458-b.
Qualifying residential real property shall be exempt from taxation
to the extent provided for in Real Property Tax Law § 2(a)(ii),
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, or, in
the case of a special assessing unit, the latest class ratio, whichever
is less.
B.
In addition to the exemption provided by Real Property Tax Law § 458-b,
Subdivision (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, or, in the case of a special assessing
unit, the latest class ration, whichever is less.
