Please take notice that a Public
Hearing
Will be held by the Board of Trustees
of the
Town of Yates; at the
Lyndonville
adoption of a Local Law known as A
Local Law
Enacting a Real Property Tax
Exemption
for Cold War Veterans, which said
Local
Law provides as follows:
Section 1. Legislative Intent
It is the intent of the within Local
Law to
adopt a Local Law to provide a
qualified
owner an exemption for qualifying
residential real Property from
taxation to the
extent of ten percent of the assessed
value
of such property which exemption
shall not
exceed SIX thousand dollars and in
addition to provide a disability
exemption to
the multiple of fifty percent of the
disability rating not to exceed thirty thousand
dollars, all as set forth in Real
Property Tax.
Law Section 458-b.
Section 2. Cold War Veterans
Exemption
(a) As is authorized by Real Property
Tax
Law Section• 458-b, the Town of
hereby provide that qualifying
residential
real property shall be exempt from
taxation to the extent of ten percent of the
assessed value of such Property;
provided
however that such exemption shall not
exceed six thousand dollars or the
product of
six thousand dollars multiplied by the
latest state equalization rate of the
assessing
unit1 or, in the case of a special
assessing
unit, the latest class ratio,
whichever is
less.
(b) In addition, as is authorized by
Real
Property. Tax Law Section 458—b, to
the ex-
emption provided b~ paragraph (a) of
this
subdivision, where the Cold War
veteran
received a compensation rating 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
of the
Cold War veteran disability rating;
provided, however, that such
exemption shall
not exceed thirty thousand dollars,
or the
product of thirty thousand dollars
multiplied by ~the latest state
equalization rate
for the assessing unit, or, in the
case of a
special assessing unit, the latest class
ration, whichever is less
Section 3. Effective Date
The within Local Law shall be
effective
immediately upon passage subject to
Real
Property Tax Low Section 458 b and
proper
filing With the Office Of the
Secretary of
State.
At such Public Hearing all persons,
either
for or against the same, shall be
heard.
Brend Donald
Town Clerk
Town. of Yates
11/3M
# 14508212