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.
The exemption from taxation provided by this article shall be applicable to county, city, Town, and village taxation, but shall not be applicable to taxes levied for school purposes.
If a Cold War veteran receives the exemption under Real Property Tax Law § 458 or § 458-a, the Cold War veteran shall not be eligible to receive the exemption under this article.
The exemption authorized by this article shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to a ten-year limitation.