[Adopted 2-21-2007 by L.L. No. 3-2007]
This article increases to the maximum amount authorized by Real
Property Tax Law § 458-a(2)(d)(ii) of the veterans real
property tax exemption.
Pursuant to Real Property Tax Law § 458-a(1)(d) and
(2)(a), property owned by a veteran that is determined to be "qualified
residential real property" shall be exempt from taxation to the extent
of 15% of the assessed value of such property, provided that such
exemption shall not exceed $36,000 or the product of $36,000 multiplied
by the latest state equalization rate for the Town of Stockport.
Pursuant to Real Property Tax Law § 458-a(1)(d) and
(2)(b), property owned by a veteran who served in a combat theater
or combat zone also shall be exempt from taxation to the extent of
10% of the assessed value of such property, provided that such exemption
shall not exceed $24,000 or the product of $24,000 multiplied by the
latest state equalization rate for the Town of Stockport.
Pursuant to Real Property Tax Law § 458-a(1)(d) and
(2)(c), property owned by a veteran who has a service-connected disability
also shall be exempt from taxation to the extent of the product of
the assessed value of such property multiplied by 50% of the veteran's
disability rating, provided that such exemption shall not exceed $120,000
or the product of $120,000 multiplied by the latest state equalization
rate for the Town of Stockport.
