[Adopted 2-28-2007 by L.L. No. 2-2007; amended in its entirety 5-16-2018 by L.L. No. 3-2018]
Section 458-a of the Real Property Tax Law was amended in 2015 to permit counties, cities, towns, villages and school districts to increase the maximum allowable exemption for war-time combat and disabled veterans. That amendment to the law would allow the Village of Montebello to increase the home value cap for the Village up to $250,000. It is the intent of this article to accept the option that the state permits to increase the veteran's tax exemption to $250,000.
As authorized by Subparagraph (ii) of Paragraph (d) of Subdivision 2 of § 458-a of the Real Property Tax Law, as added by Chapter 525 of the Laws of 1984 and amended by Chapter 477 of the Laws of 1996 and Chapter 256 of the Laws of 2005, the Village of Montebello is hereby increasing the maximum exemption allowable in Paragraphs (a), (b) and (c) of Subdivision 2 to $75,000, $50,000 and $250,000, respectively.
This local law shall take effect immediately and shall apply to taxable status dates occurring on or after January 2, 2018.