Establishing a real property tax exemption for Cold War veterans.

A Local Law to amend the administrative code of the city of New York, in relation to establishing a real property tax exemption for Cold War veterans

This bill would establish a real property tax exemption for Cold War veterans, defined as persons who served on active duty in the United States armed forces for some period between September 2, 1945 and December 26, 1991 and were honorably discharged or released. The exemption would apply to the veteran’s primary residence, or to the primary residence of the unremarried surviving spouse of the veteran, to the extent that the residence is being used for residential purposes. Fifteen percent of the assessed value of the residential property would be exempt, up to $48,000 or $48,000 multiplied by the latest class ratio, whichever is less. Cold War veterans who were disabled as a result of their service would be eligible for an additional exemption, up to $160,000 or $160,000 multiplied by the latest class ratio, whichever is less.