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.
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.