The purpose of this article is to repeal an
act approving a local law adopted by this Common Council on January
16, 1985, which provided that no exemption from real property taxes
would be granted pursuant to § 458-a of the Real Property
Tax Law and to reduce the maximum veterans exemption allowable pursuant
to § 458-a of the Real Property Tax Law of the State of
New York.
[Amended 4-19-2006 by L.L. No. 3-2006]
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 for the City of Lockport.
B. In addition to the exemption provided by Subsection
A 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 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 for the City of Lockport.
C. In addition to the exemptions provided by Subsections
A and
B of this article, 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 $30,000 or the product of $30,000 multiplied by the latest state equalization rate for the City of Lockport.