Council Member Calsolaro introduced the following:

LOCAL LAW D - 2008

A LOCAL LAW AMENDING CHAPTER 333 (TAXATION) OF THE CODE OF THE CITY OF ALBANY TO ADD A NEW EXEMPTION FOR COLD WAR VETERANS IN ACCORDANCE WITH THE PROVISIONS OF THE REAL PROPERTY TAX LAW SECTION 458-b

BE IT ENACTED by the Common Council of the City of Albany as follows:
Section 1.  A new Section 333-107-a of Chapter 333 of the Code of the City of Albany is added to read as follows:
Section 333-107-a.  Exemption for Cold War Veterans.
A.  An exemption is hereby granted to Cold War Veterans in accordance with § 458-b of the Real Property Tax Law of the State of New York.  The exemption shall be as provided and administered by § 458-b.

B.  Qualifying residential real property shall be exempt from taxation to the extent of either: (i) ten percent of the assessed value of such property; provided however, that such exemption shall not exceed eight thousand dollars or the product of eight thousand dollars multiplied by the latest state equalization rate of the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less or; (ii) fifteen percent 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 multiplied by the latest state equalization rate of the assessing unit, or, in the case of a special assessing unit, the latest class ratio, whichever is less.

C.  In addition to the exemption provided by paragraph (B) of this section, where the Cold War veteran received a compensation rating from the United States veterans affairs 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 of the Cold War veteran disability rating; provided, however, that such exemption shall not exceed forty thousand dollars, or the product of forty 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 ratio, whichever is less.

Matter in [brackets] to be deleted.  Matter underlined is new material.

Section 2.  This local law shall take effect upon final passage, public hearing and filing with the Secretary of State and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on and after January 1, 2009.