[Adopted 10-27-2008 by L.L. No. 4-2008]
This article shall be entitled “A Local
Law to Provide for an Exemption from Real Property Taxes for Real
Property Owned by Veterans Who Rendered Military Service to the United
States During the 'Cold War'.”
[Amended 3-12-2018 by L.L. No. 1-2018]
The exemption authorized by this section shall
apply to qualifying owners of qualifying real property for as long
as they remain qualifying owners, without regard to the ten-year limitation
as set forth in § 458-b, Subdivision (2)(c)(iii), of the
New York Real Property Tax Law.
In addition to the exemption provided by § 100-20, 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's 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, or, in the case of a special assessing unit, the latest class ratio, whichever is less.
