It is the intent of the within article to adopt a local law
to provide a qualified owner an exemption for qualifying residential
real property from taxation to the extent of 15% of the assessed value
of such property which exemption shall not exceed $12,000 and in addition
to provide a disability exemption to the multiple of 50% of the disability
rating not to exceed $40,000, all as set forth in Real Property Tax
Law § 458-b.
The within article shall be effective immediately upon passage
subject to Real Property Tax Law § 458-b.