[Adopted 11-28-2007 by L.L. No. 11-2007[1] (Ch. 185, Art. VII, of the 1995 Code); amended 11-8-2017 by L.L. No. 7-2017]
[1]
Editor's Note: This local law also provided that it take effect for the 2008 assessment roll based on a taxable status date of 3-1-2008.
Pursuant to § 458-b of New York Real Property Tax Law, a "Cold War veteran" is defined as someone who served on active duty in the United States Armed Forces for more than one year between September 2, 1945, and December 26, 1991, and was discharged or released thereafter under honorable conditions. The basic exemption of 10% of assessed value, not to exceed $8,000, is allowed. An additional exemption is allowed for a service-connected disability equal to the product of 50% of the service-connected disability rating times assessed value, not to exceed $40,000. Exemption amounts are multiplied by the latest state equalization rate. This exemption shall apply indefinitely to all qualifying owners of real property for as long as they remain qualifying owners.