[Adopted 9-12-2018 by L.L. No. 2-2018]
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 10% of the assessed value of such property, which exemption shall not exceed $6,000, and in addition to provide a disability exemption to the multiple of 50% of the disability rating not to exceed $20,000, all as set forth in Real Property Tax Law § 458-b.
A. 
As is authorized by Real Property Tax Law § 458-b, the Village of Albion does hereby provide that qualifying residential real property 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 $6,000 or the product of $6,000 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 $20,000 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.
There is no automatic termination period, often referred to as a "sunset provision," to this article, and any automatic termination period provision pertaining to the Cold War tax exemption as set forth in Real Property Tax Law § 458-b shall have no effect on this article.
The within article shall be effective immediately upon passage, subject to the Real Property Tax Law § 458-b, except for any automatic termination period provisions in the law and proper filing with the Office of the Secretary of State.