[Adopted 3-24-2003 by L.L. No. 1-2003 as § 130.1 of the 2003
Code]
All references, qualification and definitions in this article
are pursuant to State Real Property Tax Law § 458-a.
A.
Property qualifies for a general veterans partial exemption if owned
by a veteran.
B.
Property qualifies for a combat veterans partial exemption if owned
by a veteran who served in a combat theater or zone as documented
by a United States campaign ribbon or service medal.
C.
Property qualifies for a compensible veterans partial exemption if
owned by a veteran who received a compensation rating from the United
States Veterans Administration or Department of Defense because of
a service-connected disability.
Application for the veterans partial property tax exemption
must be filed with the Village Clerk before the tax rolls for a given
fiscal year close.
A.
The general veterans partial property tax exemption is 15% of the
Village property tax assessment, up to a limit of $12,000 multiplied
by the most recent state equalization rate or class ratio in a special
assessment unit, whichever is less.
B.
The combat veterans partial property tax exemption is 10% of the
Village property tax assessment, up to a limit of $8,000 multiplied
by the most recent state equalization rate or class ratio in a special
assessment unit, whichever is less.
C.
The compensible veterans partial property tax exemption is a percentage
of the Village property tax assessment equal to 1/2 of the veteran's
disability rating, up to a limit of $40,000 multiplied by the most
recent state equalization rate or class ratio in a special assessment
unit, whichever is less.
