This article is enacted pursuant to the provisions of § 458-b
of the Real Property Tax Law, as amended.
The purpose of this article is to provide that qualifying residential
real property, as defined in Real Property Tax Law § 458-b(1)(f),
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 $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.
In addition to the exemption provided by §
268-3 of this article, where the Cold War veteran received a compensation rating from the United States Veterans Affairs or from the United States Department of Defense 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 Cold War veteran's disability rating; provided, however, that such exemption shall not exceed $40,000, or the product of $40,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.