HomeMy WebLinkAbout1998_5_20_Local_Law_No_7 LOCAL LAW NO. 7 - 1998
A Local Law to amend Article VI of the Town Code of the Town of Mamaroneck in
relation to the Alternative Veterans Exemption by adding Section 195-28 Cooperative
Apartments.
Section 1. Purpose:
The purpose of this section is to provide veterans who reside in cooperative apartments
and who meet the requirements set forth in New York State Real Property Tax Law
Section 458-a with the real property tax exemption provided for in Subdivision "6" of
that Section.
Section 2. Cooperative Apartments:
Article VI of the Town Code of the Town of Mamaroneck is hereby amended to add the
following section:
Section 195-28 Cooperative Apartments - As set forth pursuant to Section 458-a (6) of
the New York State Real Property, title to that portion of the real property owned by a
cooperative apartment corporation in which a tenant - stockholder resides and which is
represented by his or her share or shares of stock in such cooperation determined by its
total outstanding stock of the corporation, including that owned by the corporation, shall
be deemed vested in such tenant - stockholder. That proportion of the assessment of
such real property owned by the cooperative apartment corporation determined by the
relationship of such real property vested in such tenant - stockholder to such property
owned by such cooperative apartment corporation in which such tenant - stockholder
resides shall be subject to exemption from taxation pursuant to Section 458-a (6) of the
New York State Real Property Tax Law and any exemption so granted shall be credited
against the assessed valuation of such real property; the reduction in real property taxes
realized thereby shall be credited by the cooperative apartment corporation against the
amount of such taxes otherwise payable by or chargeable to such tenant - stockholder.
Notwithstanding the foregoing, a tenant - stockholder who resides in a dwelling that is
subject to the provisions of Articles Two, Four, Five or Eleven of the New York State
Private Housing Finance Law shall not be eligible for an exemption pursuant to this
Article.
Section 3. Severability
Should any provision of this Local Law be decided 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 provision.
Section 4. Effective Date:
This Local Law shall take effect immediately and shall apply to assessment rolls prepared
on the basis of taxable status dates occurring on or after January 1, 1998.