Town Of Mayfield
 Local Laws 

Local Law # 1 of 2007 Increasing Veterans Exemptions

December 18, 2007
February 22, 2007
Body:
 

TOWN OF MAYFIELD LOCAL LAW # 1 OF THE YEAR 2007 A LOCAL LAW ENTITLED VETERANS' INCREASED MAXIMUM EXEMPTION AS AUTHORIZED BY CHAPTER 256 OF THE LAWS OF 2005 OF THE STATE OF NEW YORK

 SECTION 1: This local law shall be entitled: "Veterans' Increased Maximum Exemption as Authorized by Chapter 256 of the Laws of 2005 of the State of New York".

 

SECTION 2: Legislative Intent and Purposes:

  1. The Town Board of the Town of Mayfield finds and determines that the sacrifices and services provided by the Veterans in protecting this Country should be acknowledged by providing certain tax exemptions.
  2. By Chapter 256 of the Laws of 2005 of the State of New York, the Legislative amended subparagraph (ii) of Paragraph (d) of  Subdivision 2 of Section 458-a of the Real Property Tax Law authorizing the adoption of a local law to increase the tax exemption for Veterans.
  3. The purpose of this Local Law is to adopt increased maximum tax exemptions for Veterans, as authorized by Chapter 256 of the Laws of the State of New York for 2005.

SECTION 3: Qualifying residential real property shall be exempt from taxation to the extent of fifteen percent (15%) of the assessed value of such property provided, however, that such exemption shall not exceed twenty-one thousand dollars ($21,000.00) or the product of twenty-one thousand dollars ($21,000.00) multiplied by the latest state equalization rate for the assessing unit, the latest class ratio, whichever is less.

 

SECTION 4: In addition to the exemption provided by Section 3 of this local law, where the Veteran served in a combat theater or combat zone of operation, as documented by the award of a United States campaign ribbon or service metal, qualifying residential real property shall also be exempt from taxation to the extent of ten percent (10%) of the assessed value of such property provided ,however, that such exemption shall not exceed Fourteen thousand dollars ($14,000.00) or the product of fourteen thousand dollars (14,000.00) 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.

 

SECTION 5: In addition to the exemption provided by Section 3 and 4 of this Local Law, where the Veteran received a compensation rating from the United States ‘Veterans' Administration 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 fifty percent (50%) of the Veteran's disability rating provided, however, that such exemption shall not exceed seventy thousand dollars ($70,000.00) or the product of seventy thousand dollars ($70,000.00) 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. For the purposes of this Local Law, where a person who served in the active military, naval or air service during a period of war died in service of a service connected disability, such person shall be deemed to have been assigned a compensation rating of one hundred percent (100%).

 

SECTION 6: This Local Law granting the increased maximum tax exemption for Veterans, as authorized by Chapter 256 of the Laws of 2005 of the State of New York, shall take effect and apply to the 2007 Town of Mayfield assessment roll to be used in computing the 2008 Town tax, and shall continue to apply to the Town of Mayfield Assessment Rolls thereafter, until amended.

 

SECTION 7: This Local Law shall take effect immediately upon its adoption and filing with the Secretary of State of the State of New York.

 

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