[Adopted 2-12-2009 by L.L. No. 1-2009]
The purpose of this article is to provide for
the maximum veterans exemption allowable pursuant to § 458-b
of the Real Property Tax Law of the State of New York.
Pursuant to the provisions of Subdivision 2
of § 458-b of the Real Property Tax Law of the State of
New York, the maximum veterans exemption allowable from real property
taxes is established as follows:
A.
Qualified residential real property shall be exempt
from taxation to the extent of 15% of the assessed value of such property;
provided, however, that such exemption shall not exceed the lesser
of $12,000 or the product of $12,000 multiplied by the latest state
equalization rate for the Town.
B.
In addition to the exemption provided by Subsection A, 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 the lesser of $40,000 or the product of $40,000 multiplied by the latest state equalization rate for the Town.
[Added 12-14-2017 by L.L.
No. 3-2017]
Nothwithstanding the ten-year limitation on the Cold War veterans
exemption imposed by Real Property Tax Law § 458-b2(c)(iii),
the exemption authorized by § 458-b shall apply to qualifying
owners of qualifying real property for as long as they remain qualifying
owners, without regard to such ten-year limitation on the duration
of such exemption.
