[Adopted 7-21-2008 by L.L. No. 1-2008; amended in its entirety 1-22-2018 by L.L. No. 1-2018]
The City of Newburgh hereby elects to provide for a Cold War
veterans exemption pursuant to § 458-b of the Real Property
Tax Law of the State of New York.
A.
"Qualifying residential real property" shall be exempt from taxation
to the extent provided for in Real Property Tax Law § 2(a)(ii),
being 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 as long as they remain qualifying
owners, without regard to a ten-year limitation.
In addition to the exemption provided by Real Property Tax Law
§ 458-b, Subdivision (a), the City of Newburgh hereby adopts
the following disability exemption as provided in Subdivision (b)
of said law: Where the Cold War Veteran received a compensation rating
from the United States Department of 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, or, in the case of a special assessing
unit, the latest class ratio, whichever is less.
