[Adopted 11-12-1996 by L.L. No. 7-1996]
The purpose of this article is to reduce the
maximum veterans exemption allowable pursuant to § 458-a
of the Real Property Tax Law of the State of New York.
[Amended 2-10-1998 by L.L. No. 2-1998; 6-12-2007 by L.L. No. 4-2007]
Pursuant to the provisions of Subdivision 2(d)
of § 458-a of Real Property Tax Law of the State of New
York, the maximum veterans exemption from real property taxes allowable
pursuant to § 458-a of the Real Property Tax Law is established
as follows:
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 the lesser
of $36,000 or the product of $36,000 multiplied by the latest state
equalization rate of 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, qualifying residential real property 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 the lesser of $24,000 or the product of $24,000 multiplied by the latest state equalization rate for the village.
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 Veterans Administration 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 the lesser of $120,000 or the product of $120,000 multiplied by the latest state equalization rate of the village.
