[Adopted 12-8-2010 by L.L. No. 2-2010]
New York State Real Property Tax Law § 458-b authorizes
a partial exemption from real property taxes on qualifying residential
real property for Cold War veterans, as defined in Real Property Tax
Law § 458-b.
The terms "Cold War veteran," "armed forces," "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 Subdivision
1 of Real Property Tax Law § 458-b.
Pursuant to Subdivision 2(a) of § 458-b of the Real
Property Tax Law, the Town of Lumberland is authorized to adopt a
local law establishing a partial exemption from the Town portion of
real property taxes for Cold War veterans or qualified owners who
own qualified residential real property within the Town of Lumberland.
It is the desire of the Lumberland Town Board to provide for such
exemption on Town of Lumberland properties to reward Cold War veterans
for their valued service to our country.
A.
Qualified residential real property shall be exempt from taxation
by the Town of Lumberland 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 Lumberland or, in the case
of a special assessing unit, the latest class ratio, whichever is
less.
B.
Pursuant to Subdivision 2(b) of § 458-b of the Real Property Tax Law, there shall be an exemption in addition to the exemption provided in Subsection A above for a Cold War veteran who 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. This exemption shall be equal to the product of the assessed value of the qualifying residential real property multiplied by 50% of the Cold War veteran's 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, whichever is less.
[Amended 1-10-2018 by L.L. No. 1-2018]
A.
The exemption from taxation provided by § 219-18 of this article shall be subject to the limitations set forth in Real Property Tax Law § 458-b(2)(c)(ii).
B.
The exemption from taxation provided by § 219-18 of this article shall be granted to qualified owners of qualified residential real property for as long as they remain qualified owners of qualified residential real property, without regard to the ten-year limitation contained in Real Property Tax Law Section 458-b(2)(c)(iii).
Application for the exemption from taxation provided by this
article shall be made in conformance with the requirements of Subdivision
3 of § 458-b of the Real Property Tax Law.
