[Adopted 12-2-2008 by L.L. No. 1-2008]
This article is adopted pursuant to the authorization granted by Real Property Tax Law § 458-b. All definitions, terms and conditions of such statute shall apply to this article.
Qualifying residential real property owned by a Cold War veteran, or other qualified owner, shall be entitled to a partial exemption from taxation to the extent of 15% of the assessed valuation, not to exceed $12,000 or the product of $12,000 multiplied by the latest State equalization rate. Additionally, 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, not to exceed $40,000 or the product of $40,000 multiplied by the latest state equalization rate.
[Amended 2-6-2018 by L.L. No. 2-2018]
This article shall take effect immediately upon its filing in the Office of Secretary of State and be effective with the 2009 assessment roll.
Pursuant to Subsection 2(c)(iii) of § 458-b of the NYS Real Property Tax Law, the exemption authorized shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to such ten-year limitation.