[Adopted 10-16-1984 by L.L. No. 4-1984; amended in its entirety 12-7-2010 by L.L. No. 6-2010]
A. 
The maximum exemption allowable by Real Property Tax Law § 458-a, Subdivision 2, paragraphs (a), (b), and (c), shall be $18,000, $12,000 and $60,000, respectively.
(1) 
There shall be an alternative qualifying residential real property exemption for a Gold Star parent, under Real Property Tax Law § 458-a, Subdivision 7(b), within the definition of a "qualified owner" as provided for in Real Property Tax Law § 458-a, paragraph (c) of Subdivision 1, and to further include property owned by a Gold Star parent within the definition of “qualifying residential real property” as provided for in paragraph (d) of Subdivision 1 of the Real Property Tax Law § 458-a, provided that such property shall be the primary residence of the Gold Star parent.
B. 
There shall be an alternative qualifying residential real property exemption for Cold War veterans, under Real Property Tax law § 458-b, Subsection 2(a) and (b), in the amount of 10% of the assessed value of such property, not to exceed $4,000, or the product of $4,000 multiplied by the latest state equalization rate of such property’s assessing unit, subject to the definitions, limitations and requirements of § 458-b.
C. 
For Cold War veterans disabled, there shall be 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 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 assessing unit.