[Adopted 4-11-2018 by L.L. No. 2-2018[1]]
[1]
Editor's Note: This ordinance also provided for the repeal
of former Art. VIII, Cold War Veterans Exemption, adopted 3-6-2008
by L.L. No. 1-2008.
This article is adopted pursuant to the authority of Real Property
Tax Law, § 458-b, as added by Chapter 290 of the Laws of
2017.
The terms used in this article shall have the same meanings
as such terms are used in Real Property Tax Law § 458-b.
A.
Qualifying residential real property owned by a Cold War veteran
shall be exempt from taxation to the extent of 15% of the assessed
value not exceeding $12,000 or the product of $12,000 multiplied by
latest state equalization rate, whichever is less.
B.
In addition to the exemption provided by Subsection A of this section, a Cold War veteran having a disability rating shall also be eligible for the additional exemption which shall be computed by multiplying the, assessed value by 50% of the disability rating not exceeding $40,000 or the product of $40,000 multiplied by the latest state equalization rate, whichever is less.
C.
A qualified residential real property owned by a Cold War veteran
shall be exempt from taxation as provided herein for as long as the
property and owner remain qualified, and there shall be no time limitation
on the exemption.
