[Adopted 12-6-2005 by L.L. No. 1-2005;
amended in its entirety 3-6-2007 by L.L. No. 3-2007; 3-8-2022 by L.L. No. 4-2022]
Qualifying residential real property, as defined
in New York State Real Property Tax Law § 458-a, 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
$75,000 or the product of $75,000 multiplied by the latest state equalization
rate for the assessing unit.
In addition to the exemption provided by § 73-10 of this article, 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, as defined in New York State Real Property Tax Law § 458-a, 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 $50,000 or the product of $50,000 multiplied by the latest state equalization rate for the assessing unit.
In addition to the exemptions provided by §§ 73-10 and 73-11 of this article, where the veteran received a compensation rating from the United States Veteran's Administration or from the United States Department of Defense because of a service-connected disability, qualifying residential real property, as defined in New York State Real Property Tax Law § 458-a, 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 $250,000 or the product of $250,000 multiplied by the latest state equalization rate for the assessing unit. For purposes of this section, where a person who served in the active military, naval or air service during a period of war died in service of the service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
