[Adopted 1-25-2008 by L.L. No. 1-2008]
As used in this article, the following terms shall have the meanings indicated:
COLD WAR VETERAN
A person, male or female, who served on active duty for a period of more than 365 days in the United States Armed Forces during the time period from September 2, 1945, to December 26, 1991, was discharged or released therefrom under honorable conditions and has been awarded the Cold War Recognition Certificate as authorized under Public Law 105-85, the 1998 National Defense Authorization Act.
A. 
Pursuant to Real Property Tax Law § 458-b, 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 a maximum of $54,000.
[Amended 4-5-2013 by L.L. No. 4-2013]
B. 
In addition to the exemption provided by Subsection A of this section, where the Cold War veteran received a compensation rating from the United States Department of Veterans Affairs or from the United States Department of Defense 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 Cold War veteran disability rating; provided, however, that such exemption shall not exceed $180,000 or the product of $180,000 multiplied by the latest uniform percentage of value established by the Shelter Island Board of Assessors, whichever is less.
[Amended 4-5-2013 by L.L. No. 4-2013]
C. 
If a Cold War veteran receives the exemption provided under § 115-3, the Cold War veteran shall not be eligible to receive the exemption under this section. The exemption provided by Subsection A of this section shall be granted for a period of 10 years. The commencement of such ten-year period shall be governed pursuant to Real Property Tax Law § 458-b(2)(c)(iv). The exemption authorized by this section shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners without regard to a ten-year limitation.
[Amended 12-8-2017 by L.L. No. 14-2017]