[Adopted 9-20-2021 by L.L. No. 5-2021]
A. 
Findings. Real Property Tax Law (RPTL) § 458-b was adopted by the New York State Legislature, and authorizes villages to provide for an exemption from real property taxes for Cold War veterans, upon adoption of a local law. A Cold War veteran is a person who served on active duty in the United States armed forces, during the time period from September 2, 1945, to December 26, 1991, and was discharged or released therefrom under honorable conditions. After study and evaluation of the law, its current and future impacts on the Village and its intended benefits for eligible veterans, the Board of Trustees determines that RPTL § 458-b should be made applicable within the Village. The Board further finds that the adoption of RPTL § 458-b shall have minimal, if any, adverse impact, upon current or future tax rates levied against all property within the Village. The Board, therefore, determines, in accordance with RPTL § 458-b, to adopt a Cold War veterans exemption.
B. 
Maximum available Cold War veterans exemption. The maximum exemption allowable to qualifying real property exempt from taxation under RPTL § 458-b and this Article shall be:
(1) 
The maximum exemption allowable to qualifying real property exempt from taxation under RPTL § 458-b to the extent of 15% of the assessed value shall be $45,000.
(2) 
The maximum exemption allowable, as an additional exemption available to a veteran who has received a compensation rating from the United States Veterans' Administration or the United States Department of Defense because of a service-connected disability, calculated as the product of the assessed value multiplied by 50% of the veteran's disability rating under RPTL § 458-b, shall be $150,000.