[Adopted 9-22-2009 by L.L. No. 9-2009]
This article shall implement the provisions of New York Real Property Tax Law § 458-b, to provide a Cold War veteran real property tax exemption for qualified owners of qualified residential property in the Village of Canton, New York.
The terms "cold war veteran," "qualified owner," and "qualified residential real property" shall have the definitions set forth at New York Real Property Tax Law § 458-b. All other definitions set forth at New York Real Property Tax Law § 458-b shall be applicable to the interpretation and implementation of the Cold War veteran real property tax exemption in the Village of Canton, New York.
A. 
Qualifying residential real property shall be exempt from real property taxation in the Village of Canton, New York, to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed $ 8,000 or the product of $8,000 multiplied by the latest state equalization rate of the Village of Canton, whichever is less.
[Amended 12-10-2018 by L.L. No. 3-2018]
B. 
In addition to the exemption provided by Subsection A of this section, where a Cold War veteran has received a compensation rating from the United States Veterans Affairs or from the United States Department of Defense because of a service-connected disability, qualifying residential real property shall be exempt from real property taxation in the Village of Canton to the extent of the product of the assessed value of such property, multiplied by 50% of the Cold War veteran disability rating; provided, however, that such exemption shall not exceed $40,000, or the product of $40,000 multiplied by the latest state equalization rate for the Village of Canton, whichever is less.
C. 
The Cold War veteran exemption shall apply to qualifying owners of qualifying real property in the Village of Canton, New York, for as long as they remain qualifying owners, without regard to the ten-year limitation otherwise provided by New York Real Property Tax Law § 458-b.
[Amended 12-10-2018 by L.L. No. 3-2018]
D. 
If a qualified owner of qualified residential real property receives an exemption from real property taxation in the Village of Canton pursuant to Real Property Tax Law § 458 or § 458-a, said owner shall not be eligible to receive the Cold War Veteran exemption.