[Adopted 10-17-2006 by L.L. No. 10-2006]
The purpose of this article is to provide for
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 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 $27,000 or the product of $27,000 multiplied by the latest state
equalization rate for the assessing unit.
B.
In addition to the exemption provided by Subsection A of this section, where the veteran served in a combat theatre 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 $18,000 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 Subsections A and B of this section, 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 $90,000 or the product of $90,000 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%.
This article shall take effect immediately upon
the filing of this article with the Secretary of State.
