Section 458-a of the Real Property Tax Law was amended in 2015
to permit counties, cities, towns, villages and school districts to
increase the maximum allowable exemption for war-time combat and disabled
veterans. That amendment to the law would allow the Village of Montebello
to increase the home value cap for the Village up to $250,000. It
is the intent of this article to accept the option that the state
permits to increase the veteran's tax exemption to $250,000.
As authorized by Subparagraph (ii) of Paragraph (d) of Subdivision
2 of § 458-a of the Real Property Tax Law, as added by Chapter
525 of the Laws of 1984 and amended by Chapter 477 of the Laws of
1996 and Chapter 256 of the Laws of 2005, the Village of Montebello
is hereby increasing the maximum exemption allowable in Paragraphs
(a), (b) and (c) of Subdivision 2 to $75,000, $50,000 and $250,000,
respectively.
This local law shall take effect immediately and shall apply
to taxable status dates occurring on or after January 2, 2018.