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
$21,000 or the product of $21,000 multiplied by the latest state equalization
rate for the assessing unit or, in the case of a special assessing
unit, the latest class ration whichever is less.
In addition to the exemption provided by §
261-39 of this article, where the veteran served in a combat theater or combat zone of operation, as documented by the award of the 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 $14,000 or the product of $14,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.
In addition to the exemptions provided by §§
261-39 and
261-40 of this article, where the veteran received a compensation rating from the United States Veteran's Administration or from the United States Department of Defense because of a service-connected disability, qualifying residential real property shall be exempted 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 $70,000 or the product of $70,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less. For the purposes of this article, 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%.
This article granting the increased maximum
tax exemption for veterans, as authorized by Chapter 477 of the Laws
of 1996 of the State of New York, shall take effect and apply to the
2007 City of Gloversville assessment rolls to be used in computing
the 2008 city tax, and shall continue to apply to the City of Gloversville
assessment rolls thereafter until amended.
This article shall take effect upon filing with
the Secretary of State of New York pursuant to § 27 of the
Municipal Home Rule Law.