[Adopted 11-5-2012 by L.L. No. 1-2012]
Pursuant to the authority contained in § 458-b of
the Real Property Tax Law of the State of New York, the "Cold War
Veterans Exemption" is hereby adopted, and shall be applicable to
qualifying residential real property within the Village of Canastota,
as defined in said § 458-b, as of January 1, 2013, and for
the preparation of the 2013 assessment roll of the Village of Canastota.
A.
For purposes
of the exemption provided in Subdivision 2(a) of said § 458-b
of the Real Property Tax Law of the State of New York, qualifying
residential real property within the Village of Canastota, as defined
in said § 458-b, shall be exempt from taxation to the extent
of 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 for the Village of Canastota.
B.
For purposes
of the exemption provided in Subdivision 2(b) of said § 458-b
of the Real Property Tax Law of the State of New York, the exemption
for qualifying residential real property within the Village of Canastota,
as defined in said § 458-b, shall not exceed $40,000 or
the product of $40,000 multiplied by the latest state equalization
rate for the Village of Canastota.
[Added 1-3-2024 by L.L. No. 3-2024]
"Qualifying real property," as that term is defined by § 458-b
of the New York State Real Property Tax Law, situate in the bounds
of the Village of Canastota, owned by a "Cold War veteran," as that
term is provided in § 458-b of the New York State Real Property
Tax Law, shall be partially exempt from taxation for real property
taxes to be levied by the Village of Canastota, to the extent authorized
by § 458-b of the New York State Real Property Tax Law and
provided for in this chapter, for as long as the Cold War veteran
owns such qualifying real property, without regard to the ten-year
limitation previously provided for.
