The purpose of this article is to adopt a real
property tax exemption for Cold War veterans as authorized by § 458-b
of the Real Property Tax Law.
The law provides a property tax exemption for
qualified owners who served on active duty in the United States Armed
Forces between September 2, 1945, and December 26, 1991, and who were
honorably discharged. The exemption shall be 15% of the assessed value of the
qualifying residential 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.
[Added 12-6-2017 by L.L. No. 11-2017]
Qualifying real property, as that term is defined by § 458-b
of the Real Property Tax Law, situate in the bounds of the Town of
Glenville, Schenectady County, New York, owned by a Cold War veteran,
as that term is defined by the same section of the Real Property Tax
Law, shall be partially exempt from taxation for real property taxes
to be levied by the Town of Glenville, to the extent authorized by
§ 458-b of the Real Property Tax Law, for as long as the
Cold War veteran owns such qualifying real property without regard
to the ten-year limitation previously provided for. All other provisions
of this article with respect to the Cold War veterans exemption shall
remain in effect and unchanged.