LOCAL LAW #1 OF 2019 REAL PROPERTY TAX
EXEMPTION FOR COLD WAR VETERANS
SECTION 1. PURPOSE:
The purpose of this Local Law is to adopt a real property
tax exemption in the Village of Otisville for cold war veterans as authorized
by Real Property Tax Law Section 458-b.
SECTION 2.
Local law 2 of 2009 Real Property Tax Exemption for Cold War
Veterans as Authorized by Real Property Tax Law Section 458-b is repealed and annulled.
SECTION 3. EXEMPTION:
- The Village of Otisville
hereby adopts the Real Property Tax Exemption for Cold War Veterans as
authorized by Real Property Tax Law Section 458-b. “Qualifying residential real property”
shall be exempt from taxation to the extent provided for in Real Property
Tax Law Section 2(a)(ii), fifteen percent (15%) of the assessed value of
such property, provided however, that such exemption shall not exceed
twelve thousand dollars or the product of twelve thousand dollars
($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 ration, whichever is less.
In addition to the exemption
provided by Real Property Tax Law Section 458-b subdivision (a), where the Cold
War Veteran received a compensation rating from the United States Veterans
Affairs or from the United State 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 fifty percent (50%) of the Cold War veteran disability rating;
provided, however, that such exemption shall not exceed forty thousand
($40,000), or the product of forty thousand dollars ($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.
- As authorized by the New
York State Department of Taxation and Finance, this exemption shall apply to
qualifying homeowners, without regard to the existing ten (10) year
limitation provided in §458-b(2)(iii) of the Real Property Tax Law
SECTION 4. EFFECTIVE DATE:
This local law shall take effect immediately upon filing in
the office of the New York State Secretary of State in accordance with section 27 of the Municipal Home Rule
Law.
