As used in this article, the following terms shall have the meanings indicated:
Full-time duty in the United States Armed Forces, other than active duty for training.
The United States Army, Navy, Marine Corps., Air Force and Coast Guard.
A person, male or female, who served on active duty in the United States Armed Forces during the time period from September 2, 1945, to December 16, 1991, and was discharged or released therefrom under honorable conditions.
The latest final equalization rate established by the state board pursuant to Article 12 of the Real Property Tax Law.
A Cold War veteran, the spouse of a Cold War veteran or the unremarried surviving spouse of a deceased Cold War veteran. Where property is owned by more than one qualified owner, the exemption to which each is entitled may be combined. Where a veteran is also the unremarried surviving spouse of a veteran, such person may also receive any exemption to which the deceased spouse was entitled.
Property owned by a qualified owner which is used exclusively for residential purposes; provided, however, that in the event that any portion of such property is not used exclusively for residential purposes, but is used for other purposes, such portion shall be subject to taxation and only the remaining portion used exclusively for residential purposes shall be subject to the exemption provided by this article. Such property shall be the primary residence of the Cold War veteran or the unremarried surviving spouse of a Cold War veteran unless the Cold War veteran or unremarried surviving spouse is absent from the property due to medical reasons or institutionalization.
Fifteen percent of the assessed value of the real property constituting the applicant's primary residence for Town purposes exclusive of special assessments, which exemption shall not exceed $12,000 multiplied by the latest equalization rate available for the Town.