[Adopted 3-28-1996 by L.L. No. 2-1996 (Ch. 118, Art. III, of the 1996 Code)]
Pursuant to the provisions of § 458, Subdivision 5(a), of the Real Property Tax Law of the State of New York, the maximum veterans exemption from real property taxes allowable is established as follows:
A. 
Qualifying residential 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.
B. 
In addition to the exemption provided by Subsection A of this section, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, or period of hostilities as specified in § 458-a, Subdivision 1(a), of the Real Property Tax Law, qualifying residential real property shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed $8,000.
C. 
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veterans' Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed $40,000.
Pursuant to the provisions of § 458, Subdivision 5(b), of the Real Property Tax Law of the State of New York, the Town further allows these veterans who previously received eligible fund exemption, but who switched to the alternative veterans exemption (Real Property Tax Law § 458-a), to switch back to the eligible funds exemption and receive the change in level benefit. This option must be exercised within the time statutorily prescribed.
Pursuant to provisions of § 458 of the Real Property Tax Law, as amended, the Town further allows, if the total assessed value of the real property for which such exemption has been granted increases or decreases as the result of a revaluation or update of assessments and a material change in level of assessment, as provided in Title 2 of Article 12 of the Real Property Tax Law, the Assessor shall increase or decrease the amount of such exemption by multiplying the amount of such exemption by such change in level of assessment.