The State
Legislature has recently made available, to veterans who have served
during Cold War periods, an exemption in their assessments to reduce
their taxes because of their service. In order to make sure that this
exemption is available to the residents of the Town of Cortlandt with
respect to the Town assessment roll, this article is hereby enacted.
The Westchester County Board of Legislators has recently amended Article III of Chapter 473 of the Laws of Westchester County to increase the Cold War veterans real property tax exemption authorized by § 458-b of the Real Property Tax Law and to extend the exemption to cooperative apartments and property held in trust for the benefit of a veteran. In order to make sure that this exemption is available to the residents of the Town of Cortlandt with respect to the Town assessment roll, this subsection is hereby enacted.
All provisions of Article III of Chapter 473 of the Laws of Westchester County, as authorized by New York State Real Property Tax Law § 458-b, be and hereby are adopted and enacted and in effect in the Town of Cortlandt.
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 $75,000 or the product
of $75,000 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 Subsection C of this section, 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-related 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 $250,000 or the product of $250,000 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.
If a Cold War veteran receives either a veterans' exemption authorized
by § 458 of the Real Property Tax Law, or an alternative
veterans' exemption under authorized by § 458-a of the Real
Property Tax Law, the Cold War veteran shall not be eligible to receive
an exemption under this provision.