[Adopted 3-19-2008 by L.L. No. 3-2008; amended in its entirety2-14-2018 by L.L. No. 1-2018]
This article amends a prior local law known as "Adoption of Certain Benefits under Section 458-b of the Real Property Tax Law" adopted by the Town of Elma on March 19, 2008.
Section 127-4 is amended by adopting this Article V and the enumerated sections. The purpose of this article is to provide a veterans exemption of real property taxation allowable pursuant to § 458-b of the Real Property Tax Law of the State of New York and shall be known as "Cold War Veterans Exemption Local Law without regard to ten-year limitation."
This § 127-11 is added to provide for the following in accordance with Real Property Tax Law § 458-b.
A. 
Qualifying residential real 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 $18,000 or the product of $18,000 multiplied by the latest state equalization rate for the Town of Elma, New York.
B. 
In addition to the exemption provided by Subsection A, where the Cold War Veteran received a compensation rating from the United States Veterans Affairs or from the United States Department of Defense because of service-connected disability, qualifying residential property shall be exempt from taxation to the extent of the product of the assessed valuation of property, multiplied by 50% of the Cold War veteran disability rating; provided, however, that such exemption shall not exceed $60,000 or the product of $60,000 multiplied by the latest equalization rate for the Town of Elma, New York.
C. 
The exemption provided by Subsection A shall be granted pursuant to Subdivision 2(c)(iii) of § 458-b of New York State Real Property Tax Law; the exemption authorized shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to such ten-year limitation.