The purpose of this article is to reduce the maximum veterans
exemption allowable pursuant to § 458-a of the Real Property
Tax Law of the State of New York.
[Amended 11-15-1999 by L.L. No. 3-1999]
Pursuant to the provisions of Subdivision 2(d) of § 458-a
of the Real Property Tax Law of the State of New York, the maximum
veterans exemption from real property taxes allowable pursuant to
§ 458-a of the Real Property Tax Law is established as follows:
A. Qualifying residential real property shall be exempt from taxation
to the extent of 15% of the assessed value of such property; provided,
however, that such exemption shall not exceed the lesser of $6,000
or the product of $9,000 multiplied by the latest state equalization
rate of the Village of Walton.
B. In addition to the exemption provided by Subsection
A of this section, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed the lesser of $4,000 or the product of $6,000 multiplied by the latest state equalization rate of the Village of Walton.
C. In addition to the exemptions provided by Subsections
A and
B of this section, where the veteran received a compensation rating from the United States Veterans' Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of $20,000 or the product of $30,000 multiplied by the latest state equalization rate for the Village of Walton.