[Adopted 2-26-2018 by L.L. No. 1-2018]
Section 458-b of the Real Property Tax Law 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; and § 458-b of the Real property Tax Law authorizes municipalities to establish maximum exemption amounts; and in regards to Cold War veterans who own residential real property within the Town of Hurley, it is the desire of the Hurley Town Board to authorize the Cold War veterans exemption and establish maximum amounts applicable to qualifying owners of qualifying real property for as long as they remain qualifying owners.
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 § 189-6 hereof.
Pursuant to § 458-b(2)(a)ii of the Real Property Tax Law, said maximum exemption allowable from Town real property taxation shall be 15% of the property's assessment, not to exceed $12,000, or the product of $12,000 multiplied by the latest final state equalization rate, whichever is less.
Pursuant to § 458-b(2)(b) of the Real Property Tax Law, where a Cold War veteran received a compensation rating from the United States Veterans Affairs or from the United States Department of Defense because of a severe 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 equalization rate, whichever is less.
Pursuant to § 458-b(2)(c)iii, notwithstanding the ten-year limitation imposed by the foregoing provisions of this sub paragraph, a county, city, town, village or school district that has adopted a local law or resolution pursuant to paragraph (a) of this subdivision may adopt a local law providing that the exemption authorized by this section shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regards to such ten-year limitation.
If any section or part of this article, or application thereof to any person or circumstances, is adjudged invalid or unconstitutional, then such adjudication shall not invalidate or impair the validity or force of effect of any other section or part of this article or the application of this article, or any section, provision, or part thereof, to other persons or circumstances.