[Adopted 6-10-1985 by L.L. No. 5-1985]
The purpose of this law is to reduce the maximum veterans exemption
allowable pursuant to Section 458-a of the Real Property Tax Law of the State
of New York.
A.Â
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 lesser of $6,000
or the product of $6,000 multiplied by the latest state equalization rate
for the Village of Cedarhurst.
B.Â
In addition to the exemption provided by Subsection A of this section, 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 ten percent of the assessed value of such property; provided, however, that such exemption shall not exceed the lesser of $4,000 or the product of $4,000 multiplied by the latest state equalization rate for the assessing unit or, in case of a special assessing unit, the class ratio, whichever is less.[1]
C.Â
In addition to the exemptions provided by Subsection A and B of this section, where the veteran received a compensation rating from the United States Veteran's Administration or from the United State's 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 $20,000 or the product of $20,000 multiplied by the latest state equalization rate for the the assessing unit or, in case of a special assessing unit, the class ratio, whichever is less. For the 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 assigned a compensation rating of 100%.[2]
