This article is enacted pursuant to the provisions of § 458-b
of the Real Property Tax Law, as amended by Chapter 410 of the Laws
of 1994.
The purpose of this article is to provide that qualifying residential
real property as defined in Real Property Tax Law § 458-b,
Subdivision 1(f) shall be exempt from taxation to the extent of either:
A. Ten percent of the assessed value of such property; provided, however,
that such exemption shall not exceed $8,000 or the product of $8,000
multiplied by the latest state equalization rate of the assessing
unit, or, in the case of a special assessing unit, the latest class
ration, whichever is less; or
B. Fifteen percent 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 of the
assessing unit, or, in the case of a special assessing unit, the latest
class ratio, whichever is less.
In addition to the exemption provided by §
156-10 of this article, where the Cold War veteran received a compensation rating from the United Sates 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.