[Adopted 11-17-2009 by L.L. No. 2-2009]
In accordance with the provision of § 458-b of the Real Property Tax Law of the State of New York, qualified residential real property owned by veterans who rendered military service to the United States during the "Cold War"[1] shall be exempt from Town taxation as set forth within.
[1]
Editor's Note: According to the preamble of L.L. No. 2-2009, the term "Cold War" is as defined under § 458-b, Subdivision 1(a), of the Real Property Tax Law.
The maximum exemption allowable from Town real property taxation pursuant to § 458-b of the Real Property Tax Law shall be 10% of the assessed value of the qualifying residential real 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; and, in addition, where the Cold War veteran received a compensation rating because of a service-connected disability, that property shall be exempt from taxation to the extent of the product of 50% of the assessed value of the property multiplied by the disability rating, not to exceed $40,000 or $40,000 multiplied by the latest state equalization rate for the assessing unit, whichever is less.
The duration of the basic exemption is 10 years and commences with the first taxable starting date occurring on or after the effective date of this article. The duration of the disability exemption is permanent.
This exemption may not be granted to property currently receiving an exemption pursuant to Real Property Tax Law § 458 or 458-a.