[Adopted 2-13-2018 by L.L. No. 1-2018]
A.
As authorized by Real Property Tax Law § 548-b, the Town
of Montour hereby provides 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 Town, whichever is less.
B.
In addition 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, qualified 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's 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 Town.
The exemption authorized by § 158-13 of this article shall apply to qualified owners of qualified residential real property for as long as such qualified owners remain qualified owners, without regard to the ten-year limitation period provided in Real Property Tax Law § 548-b(2)(c)(iii).
Qualified owners of qualified residential real property may
apply for the exemption provided for by this article at any time after
the effective date of this article. Application shall be made on or
before the first appropriate taxable status date, as provided in Real
Property Tax Law § 548-b(3).
