[Adopted 12-2-1997 by L.L. No. 23-1997]
It is the intent of this article to extend real property tax exemptions currently enjoyed by veteran homeowners to those veterans owning shares in cooperative apartments. Sections 458 and 458-a of the Real Property Tax Law were recently amended to extend the real property tax exemption currently afforded to veterans to include the percentage of cooperative shares owned by veterans who live in a co-op apartment corporation for the purpose of granting said shares tax exempt status. The tax exemption will be credited by the cooperative apartment co-op against taxes otherwise payable by the veteran tenant-stockholders and includes only those shares/residential units where the veteran actually lives.
As authorized by Real Property Tax Law §§ 458 and 458-a, as amended by Chapter 171 of the Laws of 1997, the County of Rockland is hereby extending the real property tax exemptions currently enjoyed by veteran homeowners to those veterans owning shares in cooperative apartments.