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.
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.
This article shall become effective July 1, 2018.