[Adopted 1-23-1989 by L.L. No. 2-1989[1] (Ch. 92A of the 1975 Code)]
[1]
Editor's Note: This local law superseded former Ch. 92A,
Tax Exemption for Veterans, adopted 9-24-1984 by L.L. No. 3-1984.
[Amended 1-19-2010 by L.L. No. 2-2010]
The purpose of this article is to grant the maximum veterans'
exemption allowable pursuant to § 458-a of the Real Property
Tax Law as established as follows:
A.
Qualifying residential 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 $54,000
or the product of $54,000 multiplied by the latest state equalization
rate for the Incorporated Village of Farmingdale.
B.
In addition to the exemption provided by Subsection A of this section, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a 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 the lesser of $36,000 or the product of $36,000 multiplied by the latest state equalization rate for the Incorporated Village of Farmingdale.
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 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 $180,000 or the product of $180,000 or the product of $40,000 multiplied by the latest state equalization rate for the Incorporated Village of Farmingdale.
