[Adopted 9-8-2008 by L.L. No. 1-2008]
It is the intent to adopt legislation to provide a qualified
owner an exemption for qualifying residential real property from taxation
to the extent of a reduced 10% of the assessed value of such property,
which exemption shall not exceed $6,000, and in addition to provide
a disability exemption to the multiple of 50% of the disability rating
not to exceed $30,000, all as set forth in Real Property Tax Law § 458-b.
A.
As is authorized by Real Property Tax Law § 458-b, the
Town of Stafford does hereby provide that qualifying residential real
property shall be exempt from taxation to the extent of 10% of the
assessed value of such property; provided, however, that such exemption
shall not exceed $6,000 or the product of $6,000 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.
In addition, as is authorized by Real Property Tax Law § 458-b, to the exemption provided by Subsection A, 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 $30,000, or the product of $30,000 multiplied by the latest state equalization rate for the assessing unit, or, in the case of a special assessment unit, the latest class ratio, whichever is less.
C.
Pursuant to Subsection 2(c)(iii) of § 458-b of the New
York State 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.
[Added 3-12-2018 by L.L.
No. 2-2018]
