[Adopted 10-21-2008 by L.L. No. 6-2008]
A. 
Section 458-b of the Real Property Tax Law of the State of New York authorizes a limited exemption from real property taxes for residential real property owned by veterans who rendered military service to the United States during the "Cold War," as that term is further defined in § 458-b of the Real Property Tax Law.
B. 
It is the desire of the Hillsdale Town Board to authorize a Cold War veterans real property tax exemption and to establish the maximum amounts for such exemption.
In accordance with the provisions of § 458-b of the Real Property Tax Law of the State of New York, residential real property owned by veterans who rendered military service to the United States during the Cold War shall be partially exempt from Town taxation in accordance with the percentages set forth in § 210-16 hereof.
A. 
The maximum exemption allowable from Town real property taxation pursuant to § 458-b(2)(a)(ii) shall be 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 equalization rate for the Town.
B. 
In addition, the maximum exemption allowable from Town real property taxation pursuant to § 458-b(2)(b) of the Real Property Tax Law because of a service-connected disability shall be the product of the assessed value of such property, multiplied by 50% of the Cold War veterans 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 Town.
C. 
The exemption authorized by § 458-b of the Real Property Tax Law shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners.
[Added at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]