§ 108-3Acceptance of statutory provisions.
§ 108-3.1Adjustment of alternative veterans
§ 108-3.2Cold War veterans exemption granted.
The Town accepts the new veterans real property tax exemption, Chapter 525 of Laws of 1984, signed July 27, 1984, which does amend the Real Property Tax Law.
Purpose and intent. It is the purpose and intent of this section to adopt legislation pursuant to Real Property Tax Law § 458-a effective January 1, 1997, to direct the Town Assessor to adjust the cap of the alternative veterans tax exemption to ensure the veteran will receive approximately the same amount of exemption that he previously received.
Amount of exemption. The Assessors of the Town of Holland are hereby directed to raise the cap of the alternative veterans tax exemption to a maximum of $100,000 of assessed value, with a maximum $15,000 (15%) exemption for wartime and an additional maximum $10,000 (10%) for combat duty times the applicable equalization rate. Additionally, the maximum amount of tax exemption for a disabled veteran shall be $50,000. Said exemption shall be calculated by taking the percentage of assessed value equal to 1/2 of the veteran's service disability rating, times the applicable equalization rate.
Application of exemption. This exemption shall be applicable in accordance with the provisions of the Real Property Tax Law.
The purpose of this section is to provide a veterans exemption of real property taxation allowable pursuant to § 458-b of the Real Property Tax Law of the State of New York and shall be known as "Cold War Veterans Exemption Local Law."
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 $12,000 or the product of $12,000 multiplied by the latest state equalization rate for the Town of Holland, New York.
In addition to the exemption provided by Subsection B of this section, where the Cold War veteran received a compensation rating from the United States Veterans Affairs or from the United States Department of Defense because of service-connected disability, qualifying residential property shall be exempt from taxation to the extent of the product of the assessed valuation of property, multiplied by 50% of the Cold War veteran disability rating; provided, however, that such exemption shall not exceed $40,000 or the product of $40,000 multiplied by the latest equalization rate for the Town of Holland, New York.