[Adopted 4-17-1997 by L.L. No. 13-1997]
[Amended 1-18-2008 by L.L. No. 2-2008]
In consideration of the past service of veterans
who reside in the town, the Town Board finds that an increase is warranted
in the exemption ceiling of veteran-owned real property. The increased
exemption provided under this article is authorized by Real Property
Tax Law § 458-a, Subdivision 2, and the increased alternative
exemption provided under this article is authorized by § 458-b
of the Real Property Tax Law.
[Amended 11-16-2000 by L.L. No. 26-2000; 1-18-2008 by L.L. No. 2-2008]
For the purposes of this article, the following
terms shall have the meanings given them in § 458-a of the Real
Property Tax Law: "service connected," "qualified owner," "qualifying
residential property," "veteran" and "latest state equalization rate,"
and in § 458-b of the Real Property Tax Law: "Cold War veteran."
[Added 11-16-2000 by L.L. No. 26-2000[1]]
For purposes of this article, the Town of East
Hampton adopts, in addition to the other provisions set forth herein,
the veterans alternate exemption for Gold Star parents and their qualifying
property, as the same are defined under § 458-a of the Real
Property Tax law of the State of New York.
[Amended 2-20-1998 by L.L. No. 7-1998; 8-1-2006 by L.L. No.
22-2006; 3-1-2016 by L.L. No. 6-2016]
Pursuant to Subdivision 2(d)(ii) of the Real Property Tax Law
§ 458-a, the maximum amount of the assessed value of qualifying
residential real property which is exempt from taxation is increased
in the following manner:
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 $75,000 or the product
of $75,000 multiplied by the latest state equalization rate, whichever
is less.
B.
In addition to the exemption provided by Subsection A hereof, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed $50,000 or the product of $50,000 multiplied by the latest state equalization rate, whichever is less.
C.
In addition to the exemptions provided by Subsections A and B, hereof, where the veteran received a compensation rating from the United States Veterans Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed $250,000 or the product of $250,000 multiplied by the latest state equalization rate, whichever is less.
[Added 1-18-2008 by L.L. No. 2-2008;
amended 3-1-2016 by L.L. No. 6-2016]
Pursuant to Real Property Tax Law § 458-b, the maximum
amount of the assessed value of qualifying residential real property
which is exempt from taxation is determined in the following manner:
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 the product of $75,000
multiplied by the latest state equalization rate; and
B.
In addition to the exemption provided in Subsection A hereof, where the veteran received a compensation rating from the United States Veterans' Administration or from the United Sates 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 a veteran's service-connected disability rating, not to exceed the product of $250,000 multiplied by the latest state equalization rate.
C.
The Cold War veterans exemption provided herein shall apply to qualifying
owners of qualifying real property for so long as they remain qualifying
owners, without regard to the ten-year limitation set forth in § 458-b
of the Real Property Tax Law of the State of New York.
[Added 10-5-2017 by L.L.
No. 36-2017]
