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 honorably discharged veterans who rendered
military service to the United States during the "Cold War" as said
terms are defined in Real Property Tax Law § 458-b. Said
Law authorizes municipalities to establish maximum exemption amounts.
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 honorably discharged veterans who rendered military service
to the United States during the Cold War (as said terms are defined
in Real Property Tax Law § 458-b) shall be exempt from Town
taxation to the extent set forth below.
[Amended 2-2-2023 by L.L. No. 4-2023]
A. The maximum exemptions allowable from Town real property taxation
pursuant to § 458-b of the Real Property Tax Law shall be
15% of the assessed value of said real property; provided, however,
that said exemption shall not exceed $45,000 or the product of $45,000
multiplied by the latest state equalization rate for the Town of Esopus.
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 Affairs or from the United States Department of Defense because of a service-related 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 $150,000 or the product of $150,000 multiplied by the latest state equalization rate for the Town of Esopus.
C. If a Cold War veteran receives either a veterans' exemption
authorized by NY Real Property Tax Law § 458 or an alternative
veterans' exemption authorized by NY Real Property Tax Law § 458-a,
the Cold War veteran shall not be eligible to receive an exemption
under this article.
[Amended 2-2-2023 by L.L. No. 4-2023]
In accordance with the provisions of NY Real Property Tax Law § 458-b, the exemptions provided in §
109-17A and
B of this article shall apply to qualified owners of qualified residential property for as long as they remain qualified owners.
This article shall take effect immediately upon filing same
with the New York State Secretary of State.