The purpose of this article is to reduce the
maximum veterans exemption allowable pursuant to § 458-a
of the Real Property Tax Law of the State of New York.
[Amended 4-18-1990 by L.L. No. 3-1990; 4-27-2006 by L.L. No.
5-2006; 3-18-2010 by L.L. No. 5-2010; 4-7-2022 by L.L. No. 1-2022]
Pursuant to the provisions of Subdivision 2(d)
of § 458-a of the Real Property Tax Law of the State of
New York, the maximum veterans exemption from real property taxes
allowable pursuant to § 458-a of the Real Property Tax Law
is established as follows:
A. 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 the lesser
of seventy-five thousand dollars ($75,000) or the product of seventy-five
thousand dollars ($75,000) multiplied by the latest state equalization
rate for the Town of Harrison.
B. In addition to the exemption provided by Subsection
A of this section, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed the lesser of fifty thousand dollars ($50,000) or the product of fifty thousand dollars ($50,000) multiplied by the latest state equalization rate for the Town of Harrison.
C. In addition to the exemptions provided by Subsections
A and
B of this section, where the veteran received a compensation rating from the United States Veterans' Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of two hundred fifty thousand dollars ($250,000) or the product of two hundred fifty thousand dollars ($250,000) multiplied by the latest state equalization rate for the Town of Harrison.
D. "Qualified
residential real property" means 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 full taxation and only the remaining portion used
exclusively for residential purposes shall be subject to the exemption
provided by this section. Such property shall be the primary residence
of the Cold War veteran, or of 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 institutionalized
subject to such time limitations, if any, as are set forth in Section
458-b(1)(f) of the New York State Real Property Tax Law. Qualified
residential real property shall include any real property or co-op
ownership held for benefit of a veteran, whether in trust or otherwise
held.
When enacted, the attached Local Law would, with certain exceptions,
provide such qualified owners with an exemption to the extent of 15%
of the assessed value of their residential real property; provided,
however, that such exemption will not exceed seventy-five thousand
dollars ($75,000) or the product of seventy-five thousand dollars
($75,000) multiplied by the latest state equalization rate of the
assessing unit, or, in the case of a special assessing unit, the latest
class ratio, whichever is less. This basic Cold War veteran exemption
is in the highest amount authorized by Section 458-b of the Real Property
Tax Law.
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