[Adopted 6-4-2019 by L.L.
No. 3-2019]
The purpose of this article is to grant Cold War veterans with
a partial real property tax exemption, pursuant to § 458-b
of the RPTL.
As used in this article, the following terms shall have the
meanings indicated:
As defined in Subdivision 1(c) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
As defined in Subdivision 1(b) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
As defined in Subdivision 1(a) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
As defined in Subdivision 1(h) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
As defined in Subdivision 1(g) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
As defined in Subdivision 1(e) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
As defined in Subdivision 1(f) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
The Real Property Tax Law of the State of New York, as such
law is amended from time to time.
As defined in Subdivision 1(d) of § 458-b of the
RPTL, as such definition is amended from time to time in the RPTL
with regard to Cold War veterans exemptions.
The Incorporated Village of Great Neck.
A.
Qualifying residential real 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, or the product
of $12,000 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.
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 Department of 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.
C.
If a Cold War veteran receives the exemption under § 458
or § 458-a of the RPTL, the Cold War veteran shall not be
eligible to receive the exemption under this article.
The provisions in this article shall also apply to any real
property held in trust solely for the benefit of a person or persons
who would otherwise be eligible for a real property tax exemption,
pursuant to this article, were such person or persons the owner or
owners of such real property.
A.
For the purposes of this article, title to the portion of real property
owned by a cooperative apartment corporation in which a tenant-stockholder
of such corporation resides and which is represented by his or her
share or shares of stock in such corporation as determined by its
or their proportional relationship to the total outstanding stock
of the corporation, including that owned by the corporation, shall
be deemed to be vested in such tenant-stockholder.
B.
Provided that all other eligibility criteria of this article are
met, that proportion of the assessment of such real property owned
by a cooperative apartment corporation determined by the relationship
of such real property vested in such tenant-stockholder to such real
property owned by such cooperative apartment corporation in which
such tenant-stocholder resides shall be subject to exemption from
taxation pursuant to this article, and any exemption so granted shall
be credited by the appropriate taxing authority against the assessed
valuation of such real property; the reduction in real property taxes
realized thereby shall be credited by the cooperative apartment corporation
against the amount of such taxes otherwise payable by or chargeable
to such tenant-stockholder.
Application for the exemption set forth in this article shall
be made by the qualified owner(s) of the qualified residential real
property on such form(s) and with such supporting documentation of
honorable discharge as prescribed by the New York State Board of Real
Property Tax Services. The applicant(s) shall file the completed form(s)
and supporting documentation with the Village on or before the first
appropriate taxable status date. The qualified owner(s) of the qualified
residential real property shall be required to refile at such times
and under such circumstances as may be set forth in § 458-b(3)
of the New York State Real Property Tax Law.
Any applicant convicted of willfully making any false statement
in the application for exemption pursuant to this article shall be
subject to the penalties prescribed in the New York State Penal Law.
