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HomeMy WebLinkAbout2022_1_25_Local_Law_No_1Local Law No. 1- 2022 This local law shall be known as the "2021 Increase in the Tax Exemption for Cold War Veterans" Law. BE IT ENACTED by the Town Board of the Town of Mamaroneck Section 1 — Purpose: The Town provides a partial tax exemption for certain real property owned by certain veterans. The underlying statute for this exemption has been amended to increase the exemption. The Town Board determines that it is fitting for the Town to increase the exemption to the maximum amount allowed by law. Section 2 — Amendment of a current section of the Mamaroneck Code: Section 195-32 A and B of the Code of the Town of Mamaroneck hereby is repealed and the following substituted in its place: § 195-32 Amount of exemption; limitations. A. Qualified residential real property shall be exempt from taxation to the extent of 15% of the assessed value of such property; provided, however, that such exemption shall not exceed $75,000 or the product of $ 75,000 multiplied by the latest state equalization rate for the Town. B. In addition to the exemption provided by this article, where the Cold War veteran received a compensation rating from the United States Department of Veterans Affairs or from the United States Department of Defense because of a service -connected disability, qualified residential real property shall be exempt from taxation to the extent of the product of the assessed value of such property multiplied by 50% of the Cold War veteran disability rating; provided however, that such exemption shall not exceed $250,000 or the product of $250,000 multiplied by the latest state equalization rate for the Town, whichever is less. Section 3 — Severability: Should any provision of this Local Law be declared invalid or unconstitutional by any court of competent jurisdiction, such declaration of unconstitutionality or invalidity shall not affect any other provisions of this Local Law, which may be implemented without the invalid or unconstitutional provisions. Section 4 — Effective Date: This Local Law shall become effective upon filing with the Secretary of State.