[Added 2-5-2019 by L.L. No. 1-2019]
A.
Pursuant to Section 458-b(2)(a)(ii) of the NYS Real Property Tax
Law, the Town of Seneca Falls hereby adopts the qualifying residential
real property exemption under Section 458-b(2)(a)(ii), that is, an
exemption in the amount of 15% of the assessed value of such property;
provided, however, that such exemption shall not exceed $12,000 or
the product of $12,000 multiplied by the latest state equalization
rate for the assessing unit, or, in the case of a special assessing
unit, the latest class ratio, whichever is less, such exemption to
be subject to the definitions, limitations, durations, and requirements
of Section 458-b.
B.
In addition, pursuant to Section 458-b(2)(b) of the NYS Real Property
Tax Law, the Town of Seneca Falls hereby adopts the qualifying residential
real property exemption under NYS RPTL § 458-b(2)(b), that
is, an exemption in the amount equal to the extent of the product
of the assessed value of such property multiplied by 50% of the Cold
War Disability Rating; provided, however that such exemption as permitted
by Section 458-b(2)(c)(iii) shall not exceed $40,000 multiplied by
the latest state equalization rate for the assessing unit.
This article shall take effect immediately upon its filing with
the Secretary of State and shall be applicable to all assessment rolls
prepared pursuant to the first taxable status date occurring on or
after the effective date of this article.
