In accordance with the provisions of § 458-b of the Real Property Law of the State of New York, residential real property owned by veterans who rendered military service to the United States during the Cold War shall be partially exempt from county taxation in accordance with the percentages set forth in §
62-13 hereof.
Pursuant to § 458-b(2)(a)(ii) of the Real Property Tax
Law, said maximum exemption allowable from real property taxation
shall be 15% of the property's assessment, not to exceed $12,000,
or the product of $12,000 multiplied by the latest final state equalization
rate, whichever is less.
Pursuant to § 458-b(2)(b) of the Real Property Tax
Law, where a Cold War veteran received a compensation rating from
the United States Department of Veterans Affairs or from 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 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 final state equalization rate,
whichever is less.
The Town of Chatham, pursuant to § 458-b(2)(c)(iii), notwithstanding
the ten-year limitation imposed by the foregoing provisions of this
subparagraph, adopts this article to provide that the exemption authorized
by this article shall apply to qualifying owners of qualifying real
property for as long as they remain qualifying owners, without regard
to such ten year limitation.