This Common Council finds that it is appropriate
to reward veterans who served in the Armed Forces of the United States
during times of armed conflict and to take notice of such service
by means of an appropriate tax credit applicable to properties within
the City of Peekskill.
[Amended 5-27-1997 by L.L. No. 3-1997; 12-27-2005 by L.L. No.
18-2005; 3-24-2014 by L.L. No. 1-2014]
A. Pursuant to the provisions of § 458-a of the Real Property
Tax Law of the State of New York, the City hereby grants and adopts
a tax exemption to be made available to veterans, upon appropriate
application and qualification for such exemption, pursuant to § 458-a
of the Real Property Tax Law of the State of New York.
B. Maximum allowable exemptions.
(1) This Common Council finds that increasing the allowable exemptions
to veterans to the maximum optional amount, and thereby effectively
increasing the cap upon the value of qualifying real property, would
afford relief to veterans coping with the ever-increasing costs of
home ownership in Westchester County.
(2) Pursuant to the provisions of § 458-a(2)(a) and § 458-a(2)(d)(ii)
of the Real Property Tax Law of the State of New York, a qualified
residential parcel shall be exempt from taxation to the extent of
15% of its assessed value or $54,000 multiplied by the applicable
equalization rate, whichever is less; for eligible combat veterans,
a qualifying residential parcel also shall be exempt from taxation
to the extent of an additional 10% of its assessed value or $36,000,
multiplied by the applicable equalization rate, whichever is less;
for a veteran who has received a service-connected disability rating
from the Veterans' Administration or the Department of Defense,
a qualifying residential property shall be exempt from taxation for
an additional exemption which is equal to 1/2 of the disability rating
multiplied by the assessed value of the property or $180,000 multiplied
by the applicable equalization rate, whichever is less.
C. This article shall be effective as of October 24, 1992, and shall
apply to City tax periods commencing on or after April 1, 2014.