[Adopted 11-30-2005 by L.L. No. 2-2005 (Ch. 119, Art. III, of the 1990 Code)]
Notwithstanding any of the statutory maximums
set forth in Subdivision 2(a), (b) and (c) of § 458-a of
the Real Property Tax Law, pursuant to the authority contained in
Subdivision 2(d)(ii) of § 458-a of the Real Property Tax
Law the maximum exemption allowable for the veterans' real property
tax exemptions shall be as follows:
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 $27,000 or
the product of $27,000 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.
B.
In addition to the exemption provided by Subsection A of this section, where the veteran served in a combat theatre or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, or the Armed Forces Expeditionary Medal, Navy Expeditionary Medal, Marine Corps Expeditionary Medal, or Global War on Terrorism Expeditionary 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 $18,000 or the product of $18,000 multiplied by the latest state equalization rate for the assessing unit, or, in the case of a special assessing unit, the class ratio, whichever is less.
C.
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veteran's 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 $90,000 or the product of $90,000 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. For purposes of this subsection, where a person who served in the active military, naval or air service during a period of war died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
The terms "period of war," "service connected,"
"qualified owner," "qualifying residential real property," "veteran,"
"latest state equalization rate" and "latest class ratio" shall have
the meanings set forth at Real Property Tax Law § 458-a,
Subdivision 1.
This article is adopted pursuant to the authority
granted by § 10 of the Municipal Home Rule Law and Article
4 of the Real Property Tax Law of the State of New York.
