This article is adopted pursuant to the authorization granted
by Real Property Tax Law § 458-b. All definitions, terms
and conditions of such statute shall apply to this article.
Qualifying residential real property owned by a Cold War Veteran,
or other qualified owner, shall be entitled to a partial exemption
from taxation to the extent of 15% of the assessed valuation, not
to exceed $12,000 or the product of $12,000 multiplied by the latest
state equalization rate. Additionally, 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-related
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,
not to exceed $40,000 or the product of $40,000 multiplied by the
latest state equalization rate.
Pursuant to Subsection 2(c)(iii) of § 458-b of the
New York State Real Property Tax Law, the exemption authorized shall
apply to qualifying owners of qualifying real property for as long
as they remain qualifying owners, without regard to the ten-year limitation
otherwise stated therein.
This article shall take effect immediately upon its filing in
the office of Secretary of State and be effective with the 2018 assessment
roll.