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.