[Adopted 9-18-2023 by L.L. No. 10-2023]
The purpose of this article is to create a partial exemption from real estate taxes levied by the Village of Larchmont on property owned by 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, was discharged or released therefrom under honorable discharge conditions and satisfies any other requirements set forth in § 458-b of the New York Real Property Tax Law. This article makes the Code of the Village of Larchmont consistent with Sec. 473.331 of the Laws of Westchester County.
The definitions contained in RPTL § 458-b are incorporated by reference.
An application for the exemption authorized by this article shall be made by the qualified owner, or all of the qualified owners, of qualified residential real property on a form prescribed by the New York State Board of Real Property Tax Services. The qualified owner or owners shall file the completed form in the Assessor's office. The Assessor shall determine the applicant's eligibility for the exemption authorized by this article as of the first taxable status date following the submission of a complete application therefor. The applicant shall be required to refile at such times and under such circumstances as may be set forth in § 458-b, Subdivision 4, of the New York Real Property Tax Law. Any person convicted of willfully making any false statement in the application for such exemption shall be subject to the penalties prescribed in the New York Penal Law.
A. 
Qualified 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 this article, where the Cold War veteran received a compensation rating from the United States Department of Veterans Affairs or from the United States Department of Defense because of a service-connected disability, qualified 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 Town, whichever is less.
C. 
If a Cold War veteran receives an alternative veterans' exemption under Article VI of this chapter, the Cold War veteran shall not be eligible to receive an exemption under this article.
The exemption provided by this article shall be granted for as long as a qualified owner owns a qualified residential real property. Exemptions provided by this article in existence prior to January 1, 2018, shall not expire on their 10th anniversary but shall continue for as long as the qualified owner owns a qualified residential real property, without the qualified owner having to file another application.