Maximum exemptions allowable for the alternative exemption for veterans.

A Local Law to amend the administrative code of the city of New York, in relation to the maximum exemptions allowable for the alternative exemption for veterans

This local law would establish that the maximum exemption allowable on qualifying residential real property under the Alternative Veterans Tax Exemption shall be the lesser of $48,000 or $48,000 multiplied by the latest class ratio for wartime veterans, $32,000 or $32,000 multiplied by the latest class ratio for combat veterans, and $160,000 or $160,000 multiplied by the latest class ratio for veterans with service-connected disabilities.