The purpose of this article is to provide for the maximum exemption
allowable pursuant to § 458-b of the Real Property Tax Law
of the State of New York.
Pursuant to the provisions of Subdivisions 2(a) and 2(b) of
§ 458-b of the Real Property Tax Law of the State of New
York, the maximum exemption allowable from real property taxes for
Cold War veterans is established 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 $12,000 or the product
of $12,000 multiplied by the latest state equalization rate of the
assessing unit.
B. In addition to the exemption provided by Subsection
A of this section, 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 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 Cold War veteran disability rating; provided, however, that such exemption shall not exceed $40,000, or the product of $40,000 multiplied by the latest state equalization rate for the assessing unit.
With regard to the exemptions set forth herein, the provisions
of § 458-b of the Real Property Tax Law relating to definitions,
limitations, time frames and applications existing as of the effective
date of this article shall apply.