[Adopted 9-18-2023 by L.L. No. 10-2023]
The Village Board hereby exercises the power given to it by § 458-a, Subdivision 2(d)(ii), of the New York Real Property Tax Law to set the maximum amounts of the assessed value of qualifying residential real property, as defined in § 458-a, Subdivision 1(d), of the New York Real Property Tax Law, that will be exempt from taxation pursuant to § 458-a of the New York Real Property Tax Law. "New York Real Property Tax Law" is abbreviated to read "RPTL."
A. 
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 Village.
B. 
In addition to the exemption provided by Subsection A of this section, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, or the armed forces expeditionary medal, naval expeditionary medal, marine corps expeditionary medal, or global war on terrorism expeditionary 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 $50,000 or the product of $50,000 multiplied by the latest state equalization rate for the Village, whichever is less.
C. 
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veteran's 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 $250,000 or the product of $250,000 multiplied by the latest state equalization rate for the Village, whichever is less. For the purpose of this subsection, where a person who has served in the active military, naval or air service during a period of war died in service of a service connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
D. 
For the purpose of this article, a "gold star parent," as defined in RPTL § 458-a, Subdivision 7(a), is included within the definition of "qualified owner" contained in section RPTL § 458-a, Subdivision 1(c), and real property owned by a gold star parent is included within the definition of "qualifying residential real property" contained in RPTL § 458-a, Subdivision 1(d), provided that such property is the primary residence of the gold star parent.