[Adopted 2-8-2018 by L.L.
No. 3-2018]
A.
The purpose of this article is to provide a veterans exemption of
real property taxation allowable pursuant to § 458-b of
the Real Property Tax Law of the State of New York and shall be known
as "Cold War Veterans Exemption Local Law."
B.
Qualifying 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 $12,000 or the product
of $12,000 multiplied by the latest state equalization rate for the
Town of Colden, New York, whichever is less.
C.
In addition to the exemption provided by the Subsection B of this section, 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 the service-connected disability, qualifying residential property shall be exempt from taxation to the extent of the product of the assessed valuation of property, multiplied by 50% of the Cold War veteran disability rating; provided, however, that such exemption shall not exceed $40,000 or the product of $40,000 multiplied by the latest equalization rate for the Town of Colden, New York, whichever is less.
