This article is adopted pursuant to the authorization granted
by Real Property Tax Law § 458-b. All definitions, terms
and conditions of such statute shall apply to this article.
[Amended 2-9-2018 by L.L.
No. 1-2018]
Qualifying residential real property owned by a Cold War veteran,
or other qualified owner, shall be entitled to a partial exemption
from taxation to the extent of 15% of the assessed valuation, not
to exceed $12,000 or the product of $12,000 multiplied by the latest
state equalization rate. Additionally, 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, 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, not to exceed $40,000 or the product of
$40,000 multiplied by the latest state equalization rate. The exemption
authorized by this section shall apply to qualifying owners of qualifying
real property for as long as they remain qualifying owners, without
regard to the ten-year limitation otherwise imposed by Real Property
Tax Law § 458-b.