This article is enacted pursuant to the authority of § 458-b
of the Real Property Tax Law of the State of New York, which authorizes
the Village of Wesley Hills to grant a partial tax exemption for Cold
War Veterans.
As used in this article, the terms "qualified residential real
property," "qualified owner," "Cold War veteran," and "latest state
equalization rate" shall have the meanings set forth in Subdivision
1 of § 458-b of the Real Property Tax Law.
Pursuant to the provisions of Subdivision 2 (a) of § 458-b
of the Real Property Tax Law of the State of New York, the maximum
Cold War veterans exemption from real property taxes allowable pursuant
to § 458-b of the Real Property Tax Law is established as
follows:
A. Qualified 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 $12,000
or the product of $12,000 multiplied by the latest state equalization
rate for the Village of Wesley Hills.
B. In addition to the exemption provided by Subsection
A of this section, where the Cold War veteran received a compensation rating from the United States Department of Veterans Affairs or from the United States Department of Defense because of a service-connected disability, qualified residential real property also 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 the lesser of $40,000 or the product of $40,000 multiplied by the latest state equalization rate for the Village of Wesley Hills.
C. If a Cold War veteran receives the exemption under § 458 of the Real Property Tax Law of the State of New York or § 458-a of the Real Property Tax Law (as applicable in the Village of Wesley Hills pursuant to Article
II of this Chapter
200 of the Code of the Village of Wesley Hills), the Cold War veteran shall not be eligible to receive the exemption under this article.
D. The exemption provided by Subsection
A of this section shall apply to qualified owners of qualified residential real property for as long as they remain qualified owners, notwithstanding the ten-year limitation period set forth in Subdivision 2 (c) (iii) of § 458-b of the Real Property Tax Law.
This article shall take effect immediately upon this article
being filed with the Secretary of State and shall apply to assessment
rolls prepared on the basis of taxable status dates occurring on or
after January 1, 2019.