[Adopted 12-1-2008 by L.L. No. 2-2008]
This article is adopted pursuant to the authorization granted
by Real Property Tax Law § 458-b. All definitions, terms
and conditions of such statute shall apply to this article.
Qualifying residential real property owned by a Cold War veteran,
or other qualified owner, shall be entitled to a partial exemption
from taxation to the extent of 15% of the assessed valuation, not
to exceed $12,000 or the product of $12,000 multiplied by the latest
state equalization rate. Additionally, 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
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, not to exceed $40,000 of the product of $40,000
multiplied by the latest state equalization rate.
This article shall take effect immediately upon its filing in
the Office of Secretary of State and be effective with the 2009 assessment
roll.
[Added 2-19-2018 by L.L.
No. 1-2018]
A.
Pursuant to Subdivision 2(c)(iii) of § 458-b of the NYS
Real Property Tax Law, the exemption authorized shall apply to qualifying
owners of qualifying real property for as long as they remain qualifying
owners, without regard to such ten-year limitation.
B.
This section shall take effect immediately upon its filing with the
Secretary of State and shall be applicable to all assessment rolls
prepared pursuant to the first taxable status date occurring on or
after the effective date of this section.
