A.
Pursuant to Section 458-b(2)(a)(ii) of the NYS Real Property Tax Law, the Town of Seneca Falls hereby adopts the qualifying residential real property exemption under Section 458-b(2)(a)(ii), that is, an exemption in the amount of 15% 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 for the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less, such exemption to be subject to the definitions, limitations, durations, and requirements of Section 458-b.
B.
In addition, pursuant to Section 458-b(2)(b) of the NYS Real Property Tax Law, the Town of Seneca Falls hereby adopts the qualifying residential real property exemption under NYS RPTL § 458-b(2)(b), that is, an exemption in the amount equal to the extent of the product of the assessed value of such property multiplied by 50% of the Cold War Disability Rating; provided, however that such exemption as permitted by Section 458-b(2)(c)(iii) shall not exceed $40,000 multiplied by the latest state equalization rate for the assessing unit.