This chapter is enacted pursuant to the provisions of § 458-b
of the Real Property Tax Law, as amended.
[Amended 6-25-2020 by L.L. No. 3-2020]
The purpose of this chapter is to provide that qualifying residential
real property as defined in Real Property Tax Law § 458-b,
Subdivision 1(d), shall be exempt from taxation to the extent of either:
A. Ten percent of the assessed value of such property; provided however,
that such exemption shall not exceed $8,000 or the product of $8,000
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; or
B. Fifteen percent 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 §
260-17 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 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.