This chapter shall be known and may be cited as the "Taxation
— Partial Exemption for Veterans Law of the Town of Islip."
The provisions of § 458-a of the Real Property Tax
Law of the State of New York, as amended by Chapter 477 the Laws of
1996 of the State of New York, are hereby adopted by the Town of Islip.
If the ratio between the exemption granted under this section
and the total assessed value of the real property for which such exemption
has been granted increases or decreases due only to a change in the
manner of assessing real property in the tax district in which such
property is located, the amount of the exemption heretofore or hereafter
granted shall be increased or decreased in such subsequent year in
the same proportion as the total assessed value has been increased
or decreased.
For the purposes of determining eligibility for a partial veterans
exemption from real property taxes under § 458 of the New
York Real Property Tax Law and for the purposes of determining eligibility
for a veterans alternative exemption under § 458-a of the
New York Real Property Tax Law, the following shall apply:
A. For the purpose of this section, title to that portion of real property
owned by a cooperative apartment corporation in which a tenant-stockholder
of such corporation resides and which is represented by his share
or shares of stock in such corporation as determined by its or their
proportional relationship to the total outstanding stock of the corporation,
including that owned by the corporation, shall be deemed to be vested
in such tenant-stockholder.
B. The proportion of the assessment of such real property owned by such
cooperative apartment corporation determined by the relationship of
such real property vested in such tenant-stockholder to such entire
parcel and the building thereon owned by such cooperative apartment
corporation in which such tenant-stockholder resides shall be subject
to exemption from taxation pursuant to this section, and any exemption
so granted shall be credited by the appropriate taxing authority against
the assessed valuation of such real property; the reduction in real
property taxes realized thereby shall be credited by the cooperative
apartment against the amount of such taxes otherwise payable by or
chargeable to such tenant-stockholder.
C. Notwithstanding Subsection
B of this section, a tenant-stockholder who resides in a dwelling that is subject to the provision of Articles 2, 4, 5 or 11 of the New York Private Housing Financing Law shall not be eligible for an exemption pursuant to this section.
If any clause, sentence, paragraph, subdivision, section, or
part of this chapter or the application thereof to any person, individual,
corporation, firm, partnership, entity or circumstance shall be adjudged
by any court of competent jurisdiction to be invalid or unconstitutional,
such order or judgment shall not affect, impair or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentence, paragraph, subdivision, partnership, entity or circumstance
directly involved in the controversy in which such order or judgment
shall be rendered.
This chapter shall take effect immediately upon the appropriate
certified copies hereof being filed with the Secretary of State of
the State of New York.