In addition to the exemptions provided in Articles
II and
III of this Chapter
183, New York Real Property Tax Law § 458-a authorizes counties, towns and villages to make available alternative real property tax exemptions to qualified veterans. The Town Board of the Town of Stillwater has determined that it is appropriate to make these exemptions available to qualified veterans in recognition of their service to our country.
As authorized by § 458-a, Subdivision 2, Paragraph
(d)(ii), of the Real Property Tax Law, the maximum exemptions allowable
from county and Town real property taxations for qualifying residential
real property in the Town of Stillwater shall be capped at $140,000
of assessed value and shall be increased as follows:
A. Wartime veterans: 15% of assessed value, up to a maximum exemption
of $21,000, times the latest state equalization rate;
B. Combat veterans: an additional 10% of assessed value, up to a maximum
additional exemption of $14,000, times the latest state equalization
rate;
C. Service-connected disabled veterans: an additional exemption equal
to 50% of veteran's service-connected disability rating multiplied
by the assessed value, up to a maximum exemption of $70,000, times
the latest state equalization rate.