[Adopted 2-26-1997 by L.L. No. 3-1997;
amended in its entirety 1-28-1998 by L.L. No. 3-1998]
The purpose of this article is to provide a
veterans real property tax alternative exemption from real property
taxation for qualified residential real property owned by certain
veterans, as permitted by Real Property Tax Law § 458-a.
[Amended 12-1-2005 by L.L. No. 9-2005]
The Town of Philipstown hereby increases the
maximum exemption allowable in Real Property Tax Law § 458-a(2)(a),
(b) and (c) to $54,000, $36,000 and $180,000 respectively, so that
said sections as amended shall read as follows:
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2. (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 $54,000 or the product of $54,000 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.
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(b) In addition to the exemption provided by
paragraph (a) of this subdivision, where the veteran served in a combat
theater or combat zone of operations, as documented by the award of
the United States 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 $36,000 or the product of $36,000
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.
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(c) In addition to the exemptions provided by
paragraphs (a) and (b) of this subdivision, 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 $180,000
or the product of $180,000 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. For purposes of this
paragraph, where a person who served in the Active Military, Naval
or Air Service during a period of war died in Service or a Service
connected disability, such person shall be deemed to have been assigned
a compensation rating of 100%.
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