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.