This article shall be entitled "Veterans Maximum Exemption as Authorized by Chapter 417 of the Laws of 1997 of the State of New York."
[Adopted 7-26-2004 by L.L. No. 2-2004]
A.
The Board of Trustee of the Village of Speculator finds and determines that the sacrifices and services provided by veterans in protecting this country should be acknowledged by providing certain tax exemptions.
B.
By Chapter 417 of the Laws of 1997 the New York State Legislature amended Subparagraph (ii) of Paragraph (d) of Subdivision 2 of § 458-a of the Real Property Tax Law authorizing the adoption of a local law to increase the maximum tax exemptions for veterans; and
C.
The purpose of this article is to adopt maximum tax exemptions for veterans as authorized by Chapter 417 of the Laws of New York for 1997.
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 $27,000 or the product of $27,000 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.
In addition to the exemption provided by § 117-3 of this chapter, where the veteran served in a combat theater or combat zone of operation, as documented by the award of a United Stated 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 $18,000 or the product of $18,000 multiplied by the latest state equalization rate for the assessing unit, or in the case of a special assessing unit, the class ratio, whichever is less.
In addition to the exemptions provided by §§ 117-3 and 117-4 of this chapter, where the veteran received a compensation rating from the United States Veterans' Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed $90,000 or the product of $90,000 multiplied by the latest state equalization rate of the assessing unit or in the case of a special assessing unit, the latest class ratio, which is less. For the purposes of this article, where a person who served in the active military, naval or air service during a period of war dies in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
This article granting the maximum tax exemption for veterans as authorized by Chapter 417 of the Laws of 1997 of the State of New York shall take effect and apply to the 2005 Village of Speculator assessment rolls to be used in computing the 2006 Village tax, and shall continue to apply to the Village of Speculator assessment rolls thereafter until amended.
This article shall take effect immediately upon its adoption and filing with the Secretary of State of the State of New York.