[Adopted 11-25-2008 by L.L. No. 2-2008]
It is the intent of the within article to adopt a local law
to provide a qualified owner an exemption for qualifying residential
real property from taxation to the extent of 15% of the assessed value
of such property which exemption shall not exceed $12,000 and in addition
to provide a disability exemption to the multiple of 50% of the disability
rating not to exceed $40,000, all as set forth in Real Property Tax
Law § 458-b.
A.
As is authorized by Real Property Tax Law § 458-b, the
Town of Urbana does hereby provide that 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 $12,000 or the product of $12,000 multiplied by the
latest state equalization rate of the assessing unit, or in the case
of a special assessing unit, the latest class ratio, whichever is
less.
B.
In addition, as is authorized by Real Property Tax Law § 458-b, to the exemption provided by Subsection A of this section, 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 rating; provided, however, that such exemption shall not exceed $40,000, or the product of $40,000 multiplied by the latest state equalization rate for the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less.
C.
Pursuant
to the authority granted by Chapter 290 of the Laws of the State of
New York of 2017, the Town Board of the Town of Urbana hereby establishes
and states that the exemption permitted by Real Property Tax Law § 458-b
will apply to qualifying owners without regard to the ten-year limitation
set forth in § 458-b(2)(c)(iii).
[Added 1-16-2018 by L.L.
No. 1-2018]
The within article shall be effective immediately upon passage
subject to Real Property Tax Law § 458-b.
