[Adopted 9-13-2010 by L.L. No. 2-2010]
The purpose of this article is to increase the maximum veterans
exemption allowable pursuant to § 458-a of the New York
State Real Property Tax Law.
A.
Qualifying 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 $15,000
or the product of $15,000 multiplied by the latest state equalization
rate for the Village of Hancock.
B.
In addition to the exemption provided by Subsection A of this section, where the veteran served in a combat theatre or combat zone of operations, as defined in § 458-a, Subdivision 2b, of the New York State Real Property Tax Law, qualifying residential real property also 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 $10,000 or the product of $10,000 multiplied by the latest state equalization rate for the Village of Hancock.
C.
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veteran's Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of $50,000 or the product of $50,000 multiplied by the latest state equalization rate for the Village of Hancock.
This article shall take effect immediately upon filing with
the Secretary of State and shall apply to the assessment roll to be
filed on or before December 31, 2010, and be applicable to all tax
years beginning on June 1, 2011.
