[Adopted 4-17-2006 by L.L. No. 4-2006]
The purpose of this article is to provide for
an increase in the cap or maximum exempt amount for veterans tax exemptions
allowable in accordance with New York State Real Property Tax Law
§ 458-a.
[Amended 5-5-2008 by L.L. No. 4-2008]
In accordance with New York State Real Property
Tax Law § 458-a, Subdivision 2(d), the maximum veterans
exemption allowable from real property taxes 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 $36,000 or the product of $36,000 multiplied by the latest state
equalization rate for the assessing unit.
B.
In addition to the exemption provided by § 155-10A, 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 or the armed forces expeditionary medal, navy expeditionary medal, marine corps expeditionary medal, or global war on terrorism expeditionary 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 $24,000 or the product of $18,000 multiplied by the latest state equalization rate for the assessing unit.
C.
In addition to the exemptions provided by § 155-10A and B, where the veteran received a compensation rating from the United States Veterans Administration or the United States Department of Defense 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 $120,000 or the product of $120,000 multiplied by the latest state equalization rate for the assessing unit. For purposes of this subsection, where a person who has served in the active military, naval or air service during a period of war died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
[Added 5-5-2008 by L.L. No. 4-2008]
In accordance with New York State Real Property
Tax Law § 458-b, the maximum Cold War veterans exemption
allowable from real property taxes is established as follows:
A.
Qualifying residential real property of veterans of
the United States Armed Forces who served during the Cold War (defined
as September 2, 1945, to December 26, 1991) 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 $12,000
or the product of $12,000 multiplied by the latest state equalization
rate for the assessing unit.
B.
In addition to the exemption provided by § 155-11A, where the Cold War veteran received a compensation rating from the United States Veterans Administration or the United States Department of Defense 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 $40,000 or the product of $40,000 multiplied by the latest state equalization rate for the assessing unit. For purposes of this subsection, where a person who served in the active military, naval or air service during a period of war died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
C.
The exemption provided by Subsection A of this section shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to the ten-year limitation set forth in New York State Real Property Tax Law § 458-b.
[Added 11-6-2017 by L.L.
No. 5-2017]
