[Adopted 2-6-1985 by L.L. No. 2-1985]
[1]
Editor's Note: Former Art. IV, Veterans' Exemption, adopted 5-5-1983 by L.L. No. 1-1983, was repealed 2-6-1985 by L.L. No. 1-1985.
The purpose of this article is to repeal an act approving a local law adopted by this Common Council on January 16, 1985, which provided that no exemption from real property taxes would be granted pursuant to § 458-a of the Real Property Tax Law and to reduce the maximum veterans exemption allowable pursuant to § 458-a of the Real Property Tax Law of the State of New York.
[Amended 4-19-2006 by L.L. No. 3-2006]
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 $9,000 or the product of $9,000 multiplied by the latest state equalization rate for the City of Lockport.
B. 
In addition to the exemption provided by Subsection A of this article, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a 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 $6,000 or the product of $6,000 multiplied by the latest state equalization rate for the City of Lockport.
C. 
In addition to the exemptions provided by Subsections A and B of this article, where the veteran received a compensation rating from the United States Veterans' Administration 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 veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of $30,000 or the product of $30,000 multiplied by the latest state equalization rate for the City of Lockport.