[Adopted 11-19-2008 by L.L. No. 3-2008]
This article shall be entitled "Cold War Veterans
Exemption Law of the Village of Fort Plain."
This article is enacted pursuant to the provisions
of § 458-b of the Real Property Tax Law of the State of
New York, as the same may be amended from time to time.
Real property in the Village of Fort Plain which
meets the requirements for qualified residential real property, as
defined in § 458-b of the Real Property Tax Law, shall be
exempt from taxation by the Village of Fort Plain to the extent authorized
therein, subject to the following maximum exemption.
A.
Qualifying residential real property shall be exempt
from taxation by the Village of Fort Plain 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, or in
the case of a special assessing unit, the latest class ratio, whichever
is less.
B.
The exemption authorized by this article shall apply to qualifying
owners of qualifying real property for so long as they remain qualifying
owners as provided for in § 458-b of the Real Property Tax
Law.
[Amended 11-16-2017 by L.L. No. 2-2017]
C.
In addition, 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.
This article shall become effective immediately
upon completion of filing with the Secretary of State and shall apply
to assessment rolls prepared on the basis of taxable status dates
occurring on or after January 1, 2009.
