The purpose of this article is to adopt an equivalent maximum tax exemption for alternative veterans to that currently granted by the County of Rensselaer and other tax districts within the Town and as authorized by § 458-a of the Real Property Tax Law.
[Adopted 4-9-2007 by L.L. No. 2-2007; amended in its entirety 6-13-2022 by L.L. No. 2-2022]
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 $45,000 or the product of $45,000 multiplied by the latest state equalization rate for the respective assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.
In addition to the exemption provided in § 326-20 of this article, where the veteran served in a combat theatre or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed $30,000 or the product of $30,000 multiplied by the latest state equalization rate for the respective assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.
In addition to the exemptions provided by §§ 326-20 and 326-21 of this article, where the 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 veterans disability rating; provided, however, that such exemption shall not exceed $150,000 of the product of $150,000 multiplied by the latest state equalization rate for the respective assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less. For the purpose of this section, where a person who served in the active military, naval or air service during a period of war died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
This article shall take effect upon filing with the New York State Secretary of State and the Comptroller of the State of New York and shall be apply to assessment rolls finalized in 2022.