[Adopted 9-12-2018 by L.L. No. 3-2018]
This article is adopted pursuant to the provisions of the Municipal Home Rule Law and the Real Property Tax Law of the State of New York.
Pursuant to the applicable provisions of § 458-a of the Real Property Tax Law of the State of New York, the maximum veterans exemption from real property taxes for property located in the Village of Albion are the exemptions which are currently permitted pursuant to Subparagraph 2 (a,b,c) of § 458-a, being $6,000, $10,000 and $20,000, respectively, more particularly established as follows:
A. 
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 the lesser of $6,000 multiplied by the latest state equalization rate for the Village of Albion.
B. 
In addition to the exemption provided by Subsection A, where the veteran served in a combat theatre or combat zone operations, as documented by the award of the United States campaign ribbon or service medal, qualifying residential real property also 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 the lesser of $10,000 or the product of $10,000 multiplied by the latest state equalization rate of the Village of Albion.
C. 
In addition to the exemptions provided by Subsections A and B of this section, where the veteran received a compensation rating from the United States Veterans Administration because of a service-connected disability, qualifying residential property shall be exempt from taxation to the extent of the product of the assessed value of such property multiplied by 50% of the veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of $20,000 or the product of $20,000 multiplied by the latest state equalization rate for the Village of Albion.
This article shall take effect immediately upon adoption and its filing with the Secretary of State and shall apply to the assessment rolls prepared on the basis of the taxable status dates occurring on or after September 12, 2018.