[Amended 1-9-2007 by L.L. No. 3-2007; 11-5-2009 by L.L. No. 20-2009]
For purposes of determining eligibility for a partial veterans exemption from real property taxes under the New York State Real Property Tax § 458 (Eligible Funds Veterans), § 458-a (Alternative Veterans), and § 458-b (Cold War Veterans), the Town Board of the Town of Huntington, after due consideration, has determined that the following shall apply:
A.
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, shall be deemed to be vested in such tenant-stockholder.
B.
That proportion of the assessment of such real property owned by a cooperative apartment corporation determined by the relationship of such real property vested in such tenant-stockholder to such entire parcel and the buildings thereon owned by such cooperative apartment corporation in which such tenant-stockholder resides shall be subject to exemption from taxation pursuant to this article 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 corporation against the amount of such taxes otherwise payable by or chargeable to such tenant-stockholder.