[Adopted 12-1-2008 by L.L. No. 6-2008]
Real Properly Tax Law § 458-b authorizes a limited
exemption from real property taxes for residential real property owned
by veterans who rendered military service to the United States during
the Cold War. In regard to Cold War veterans who own residential real
property within Town of Shandaken, it is the desire of the Shandaken
Town Board to authorize the Cold War veterans exemption and establish
maximum amounts.
In accordance with the provision of § 458-b of the
Real Property Tax Law of the State of New York, residential real property
owned by veterans who rendered military service to the United States
during the Cold War (as said terms are defined in Real Property Tax
Law § 458-b) shall be exempt from Town taxation to the extent
set forth below.
A.
The maximum exemptions allowable from Town real property taxation
pursuant to § 458-b of the Real Property Tax Law shall be
10% of the assessed value of such property; provided, however, that
such exemption shall not exceed $10,000 or the product of $10,000
multiplied by the latest state equalization rate for the Town of Shandaken.
[Amended 4-12-2018 by L.L. No. 1-2018; 10-15-2018 by L.L. No. 3-2018]
B.
In addition to the exemption set forth above, 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 rate; provided, however, that such exemption shall
not exceed $50,000 or the product of $50,000 multiplied by the latest
state equalization rate for the Town of Shandaken.
[Amended 4-12-2018 by L.L. No. 1-2018; 10-15-2018 by L.L. No. 3-2018]
C.
The exemptions set forth above shall not be applicable to taxes levied
for school purposes.
D.
The exemptions set forth herein are subject to the provisions of
New York Real Property Tax Law § 458-b.
E.
The exemption set forth in this article shall remain in effect indefinitely
or until such time as it is revoked by local law or until authorizing
state legislation requires modification.
[Added 4-12-2018 by L.L.
No. 1-2018; amended 10-15-2018 by L.L. No. 3-2018]
This article shall be effective on the date of filing with the
Secretary of State.
