§ 166-19. Amount of exemption.

A. 

Qualifying 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 the lesser of $9,000 or the product of $9,000 multiplied by the latest state equalization rate for the City of Lockport.

B. 

In addition to the exemption provided by Subsection A of this article, where the veteran served in a combat theater or combat zone of operations, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed the lesser of $6,000 or the product of $6,000 multiplied by the latest state equalization rate for the City of Lockport.

C. 

In addition to the exemptions provided by Subsections A and B of this article, where the veteran received a compensation rating from the United States Veterans' Administration 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 50% of the veteran's disability rating; provided, however, that such exemption shall not exceed the lesser of $30,000 or the product of $30,000 multiplied by the latest state equalization rate for the City of Lockport.

Amended 4-19-2006 by L.L. No. 3-2006