Findings. Real Property Tax Law (RPTL) § 458-b was adopted
by the New York State Legislature, and authorizes villages to provide
for an exemption from real property taxes for Cold War veterans, upon
adoption of a local law. A Cold War veteran is a person who served
on active duty in the United States armed forces, during the time
period from September 2, 1945, to December 26, 1991, and was discharged
or released therefrom under honorable conditions. After study and
evaluation of the law, its current and future impacts on the Village
and its intended benefits for eligible veterans, the Board of Trustees
determines that RPTL § 458-b should be made applicable within
the Village. The Board further finds that the adoption of RPTL § 458-b
shall have minimal, if any, adverse impact, upon current or future
tax rates levied against all property within the Village. The Board,
therefore, determines, in accordance with RPTL § 458-b,
to adopt a Cold War veterans exemption.
Maximum available Cold War veterans exemption. The maximum exemption
allowable to qualifying real property exempt from taxation under RPTL § 458-b
and this Article shall be:
The maximum exemption allowable to qualifying real property exempt
from taxation under RPTL § 458-b to the extent of 15% of
the assessed value shall be $45,000.
The maximum exemption allowable, as an additional exemption available
to a veteran who has received a compensation rating from the United
States Veterans' Administration or the United States Department
of Defense because of a service-connected disability, calculated as
the product of the assessed value multiplied by 50% of the veteran's
disability rating under RPTL § 458-b, shall be $150,000.