[Adopted 11-14-2007 by L.L. No. 9-2007]
A.
Pursuant to the authority set forth in the New York
State Real Property Tax Law § 458-b, the Village of Wappingers
Falls hereby grants the maximum real property tax exemption allowable
to Cold War veterans, which shall be 15% of the assessed value of
qualified property as defined in § 458-b of the Real Property
Tax Law; 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 assessing unit, or, in the case of a special assessing
unit, the latest class ratio, whichever is less.
B.
In addition to the exemption provided above, where
the Cold War Veterans 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 $40,000, or the product of $40,000 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.
C.
The exemption from real property taxation provided
by this section shall only be applicable to Village taxation, and
is not applicable to taxes levied for county, town or school purposes.
D.
If a Cold War veteran receives an exemption under
§ 458 or 458-a of the Real Property Tax Law, the Cold War
veteran shall not be eligible to receive the exemption pursuant to
this article.
The Village hereby adopts the definitions set
forth and contained in § 458-b of the Real Property Tax
Law, as adopted by the legislature pursuant to the Laws of 2007, Chapter
655, and as the same may be amended from time to time thereafter.
The eligibility requirements for the exemption
for Cold War veterans shall be as set forth in § 458-b of
the Real Property Tax Law, as the same may be amended from time to
time thereafter.
Applications for such exemption shall be filed
with the Assessor for the Village of Wappingers Falls and shall be
made by the owner, or all of the owners, of the property on a form
prescribed by the New York State Board of Real Property Tax Services.
The owner or owners shall file the completed form in the Assessor's
office on or before the first appropriate taxable status date. The
owner or owners of the property shall be required to re-file each
year. Applicants shall re-file on or before the appropriate taxable
status date. Any applicant convicted of willfully making any false
statement in the application for such exemption will be subject to
the penalties prescribed in the New York State Penal Law.
