[Amended 2-13-2018 by L.L. No. 3-2018]
A. Pursuant
to Subdivision 2(a) of § 458-b of the New York State Real
Property Tax Law, the Town of Farmington hereby adopts the qualifying
residential real property exemption under Subdivision 2(a)(i) of § 458-b
of the New York State Real Property Tax Law, that is, an exemption
in the amount of 10% of the assessed value of such property; provided,
however, that such exemption, as permitted by Subdivision 2(c)(iii),
shall not exceed $4,000 or the product of $4,000 multiplied by the
latest state equalization rate of such property's assessing unit,
such exemption to be subject to the definitions, limitations and requirements
of § 458-b.
B. Pursuant to Subsection 2(c)(iii) of § 458-b of the New
York State Real Property Tax Law, Section 1 of Local Law No. 1 of
2010 is hereby amended so that the exemption authorized by Section
1 of Local Law 1 of 2010 shall apply to qualifying owners of qualifying
real property for as long as they remain qualifying owners, without
regard to the ten-year limitation otherwise established by Subsection
2(c)(iii) of § 458-b of the New York State Real Property
Tax Law.
Pursuant to Subdivision 2(b) of § 458-b of the New
York State Real Property Tax Law, the Town of Farmington hereby adopts
the qualifying residential real property exemption under Subdivision
2(b) of § 458-b of the New York State Real Property Tax
Law, that is, where a Cold War veteran has 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's disability rating;
provided, however, that such exemption, as permitted by Subdivision
2(c)(iii), shall not exceed $20,000 or the product of $20,000 multiplied
by the latest state equalization rate of such property's assessing
unit, such exemption to be subject to the definitions, limitations
and requirements of § 458-b.