[Adopted 5-12-2008 by L.L. No. 2-2008]
The purpose of this article is to adopt a real property tax
exemption in the Town of Mount Hope for Cold War veterans authorized
by Real Property Tax Law § 458-b.
A.
The Town
Board of the Town of Mount Hope hereby adopts the real property tax
exemption for Cold War veterans as authorized by Real Property Tax
Law § 458-b. Qualifying residential real property shall
be exempt from taxation to the extent provided for in Real Property
Tax Law § 458-b, Subdivision 2(a)(ii), 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 assessing unit, or, in the case of
a special assessing unit, the latest class ratio, whichever is less.
B.
In addition
to the exemption provided by Real Property Tax Law § 458-b,
Subdivision 2(a), where the Cold War veteran received a compensation
rating from the United States Veterans Affairs or from the United
States Department of Defense because of a service-connected disability,
qualifying residential real property shall be exempt from taxation
to the extent of the product of the assessed value of such property,
multiplied by 50% of the Cold War veteran 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, or, in the case of a special assessing unit, the latest
class ratio, whichever is less.
C.
As authorized
by the Real Property Tax Law of the State of New York, this exemption
shall apply to qualifying owners of qualifying real property for as
long as such person(s) remain qualifying owners, without regard to
the existing ten-year limitation provided in § 458-b(2)(c)(iii)
of the Real Property Tax Law.
[Added 2-5-2018 by L.L.
No. 1-2018]
