[Adopted 3-21-2013 by L.L. No. 1-2013; amended in its entirety 12-3-2015 by L.L. No. 7-2015]
In addition to the exemptions provided in Articles II and III of this Chapter 183, New York Real Property Tax Law § 458-a authorizes counties, towns and villages to make available alternative real property tax exemptions to qualified veterans. The Town Board of the Town of Stillwater has determined that it is appropriate to make these exemptions available to qualified veterans in recognition of their service to our country.
A.
The Town of Stillwater hereby adopts the partial exemptions from
real property taxation for owner-occupied real property owned by qualified
veterans authorized by § 458-a of the New York State Real
Property Tax Law.
B.
Subject to the provisions of § 183-13 of this article, these exemptions shall be administered in accordance with the definitions and procedures of § 458-a of the Real Property Tax Law, as originally enacted by c. 525 of the Laws of 1984, and any applicable amendments enacted thereto.
C.
These exemptions from taxation shall be applicable to county and
Town property taxes but shall not be applicable to taxes levied for
school purposes.
As authorized by § 458-a, Subdivision 2, Paragraph
(d)(ii), of the Real Property Tax Law, the maximum exemptions allowable
from county and Town real property taxations for qualifying residential
real property in the Town of Stillwater shall be capped at $140,000
of assessed value and shall be increased as follows:
A.
Wartime veterans: 15% of assessed value, up to a maximum exemption
of $21,000, times the latest state equalization rate;
B.
Combat veterans: an additional 10% of assessed value, up to a maximum
additional exemption of $14,000, times the latest state equalization
rate;
C.
Service-connected disabled veterans: an additional exemption equal
to 50% of veteran's service-connected disability rating multiplied
by the assessed value, up to a maximum exemption of $70,000, times
the latest state equalization rate.
