[Adopted 2-25-1997 by L.L. No. 1-1997; amended in its entirety 10-28-1997 by L.L. No.
7-1997]
[Amended 2-27-2001 by L.L. No. 1-2001; 2-28-2006 by L.L. No.
1-2006]
A.
Pursuant to the provisions of § 458-a, Subdivision (2)(d)(ii), of the Real Property Tax Law, as amended by Chapter 417 of the Laws of 1997, and Chapter 256 of the Laws of 2005, qualifying residential real property shall be exempt from taxation for Town purposes to the extent of 15% of the assessed value of such property based upon a full market value of $360,000; and provided, however, that such exemption shall not exceed the following amounts multiplied by the latest state equalization rate for the assessing unit:
B.
Gold Star Parents.
(1)
Pursuant to the provisions of § 458-a, Subdivision (1)(c),
of the Real Property Tax Law as amended by Chapter 326 of the Laws
of 2000, a Gold Star Parent is hereby included within the definition
of "qualified owner" for the veteran's alternative exemption, and
any property owned by a Gold Star Parent is included within the definition
of "qualifying residential real property" as provided in Paragraph
(d) of Subdivision 1 of Real Property Tax Law § 458-a, provided
that such property shall be the primary residence of the Gold Star
Parent.
(2)
The additional exemption provided for by Real Property Tax Law § 458-a,
Subdivision 2, shall not apply to real property owned by a Gold Star
Parent.
C.
Where a veteran, the spouse of the veteran or unremarried surviving
spouse already receiving an exemption pursuant to this section sells
the property receiving the exemption and purchases property within
the Town, the assessor shall transfer and prorate, for the remainder
of the fiscal year, the exemption received. The prorated exemption
shall be based upon the date the veteran, the spouse of the veteran
or unremarried surviving spouse obtains title to the new property
and shall be calculated by multiplying the tax rate or rates for each
municipal corporation which levied taxes, or for which taxes were
levied, on the appropriate tax roll used for the fiscal year or years
during which the transfer occurred times the previously granted exempt
amount times the fraction of each fiscal year or years remaining subsequent
to the transfer of title. Nothing in this section shall be construed
to remove the requirement that any such veteran, the spouse of the
veteran or unremarried surviving spouse transferring an exemption
pursuant to this subdivision shall reapply for the exemption authorized
pursuant to this section on or before the following taxable status
date, in the event such veteran, the spouse of the veteran or unremarried
surviving spouse wishes to receive the exemption in future fiscal
years.
[Added 11-3-2015 by L.L.
No. 5-2015]
D.
Operation Graphic Hand. Pursuant to the provisions of § 458-a,
Subdivision (10), of the Real Property Tax Law, individuals who served
as military personnel in the Reserve component of the United States
Armed Forces and deemed on active duty under Executive Order 11519,
signed March 23, 1970, 35 Federal Register 5003, dated March 24, 1970
and later designated by the United States Department of Defense as
"Operation Graphic Hand," and who were discharged or released therefrom
under honorable conditions, are hereby included within the definition
of "qualified owner" for the veterans alternative exemption, provided
that such veteran meets all other qualifications.
[Added 2-5-2019]
[Added 2-24-1998 by L.L. No. 1-1998]
Pursuant to the provisions of §§ 458 (so far
as still applicable) and 458-a of the Real Property Tax Law as amended
by Chapter 171 of the Laws of 1997, qualifying property shall be exempt
from taxation as set forth therein and as further defined as follows:
A.
For the purposes of this article, title to that portion of real property
owned by a cooperative apartment corporation in which a tenant-stockholder
of such corporation resides and which is represented by his share
or shares of stock in such corporation as determined by its or their
proportional relationship to the total outstanding stock of the corporation,
including that owned by the corporation, shall be deemed to be vested
in such tenant-stockholder.
B.
Provided that all other eligibility criteria are met, that proportion
of the assessment of such real property owned by a cooperative apartment
corporation determined by the relationship of such real property vested
in such tenant-stockholder to such real property owned by such cooperative
apartment corporation in which such tenant-stockholder resides shall
be subject to exemption from taxation pursuant to this article and
any exemption so granted shall be credited by the Town against the
assessed valuation of such real property; the reduction in real property
taxes realized thereby shall be credited by the cooperative apartment
corporation against the amount of such taxes otherwise payable by
or chargeable to such tenant-stockholder.
