The purpose of this law is to increase the maximum
veterans exemption allowable pursuant to § 458-a of the
Real Property Tax Law of the State of New York.
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 $9,000 or the product of $9,000 multiplied by the latest state
equalization rate (as it applies to the various towns in Cayuga County
and the City of Auburn).
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 the 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 $6,000 or the product of $6,000 multiplied by the latest state equalization rate (as it applies to the various towns in Cayuga County and the City of Auburn).
C. In addition to the exemption 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 veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of $30,000 or the product of $30,000 multiplied by the latest state equalization rate (as it applies to the various towns in Cayuga County and the City of Auburn).