[Adopted 5-8-2018 by L.L. No. 1-2018]
As used in this chapter, the following terms and phrases shall have the following meanings:
COLD WAR VETERAN
A person, male or female, who served on active duty in the United States Armed Forces, during the time period from September 2, 1945 to December 26, 1991, and was discharged or released therefrom under honorable conditions.
ARMED FORCES
The United States Army, Navy, Marine Corps, Air Force and Coast Guard.
ACTIVE DUTY
A full-time duty in the United States Armed Forces, other than active duty for training.
SERVICE CONNECTED
With respect to disability or death, that such disability was incurred or aggravated, or that the death resulted from a disability incurred or aggravated, in the line of duty or active military, naval or air service.
QUALIFIED OWNER
A Cold War veteran, the spouse of a Cold War veteran or the unmarried surviving spouse of a deceased Cold War veteran. Where property is owned by more than one qualified owner, the exemption to which each is entitled may be combined. When a veteran is also the unremarried surviving spouse of a veteran, such person may also receive any exemption to which the deceased spouse is entitled.
QUALIFIED RESIDENTIAL REAL PROPERTY
Property owned by a qualified owner which is used exclusively for residential purposes; provided, however, that in the event that any portion of such property is not used exclusively for residential purposes, but is used for other purposes, such portion shall be subject to taxation and only the remaining portion used exclusively for residential purposes shall be subject to the exemption provided by this article. Such property shall be the primary residence of the Cold War veteran or the unremarried surviving spouse of a Cold War veteran, unless the Cold War veteran or unremarried surviving spouse is absent from the property due to medical reasons or institutionalization.
LATEST STATE EQUALIZATION RATE
The latest final equalization rate established by the state board pursuant to article twelve of this chapter.[1]
[1]
Editor's Note: See Real Property Tax Law § 1200 et seq.
The purpose of this chapter is to grant a partial exemption from real property taxation to the extent of 15% of the assessed value up to $12,000 of assessed value of qualified residential real property which is owned by a Cold War veteran who is a qualified owner, or in the case of a Cold War veteran who is a qualified owner and who received a compensation rating from the United State Veterans Administration or from the United States Department of Defense because of service-related disability, to the extent of the product of the assessed value of such qualified real property multiplied by 50% of the Cold War veteran's disability rating up to an assessed valuation of $40,000 of assessed value, in accordance with the requirements of § 458-b of the Real Property Tax Law.
Qualified residential real property owned by qualified owners who are Cold War veterans shall be exempt from Town real property taxes to the extent as follows:
A. 
To the extent of 15% of the assessed value of such qualified residential real 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, whichever is less;
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 Veterans Administration or from the United States Department of Defense because of a service-connected disability, to the extent of the product of the assessed valuation of such qualified residential real 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, whichever is less.
If a Cold War veteran has a real property tax exemption under § 458 or § 458-a of the Real Property Tax Law, such veteran shall not be eligible to receive this exemption.