Allowable exemption.

A. The Town of Webster shall exempt from taxation qualifying real property from taxation to the extent of 10% of the value of such property, except that such exemption shall not exceed the product of $8,000 multiplied by the latest state equalization rate for the Town.B. In addition to the exemption provided by Subsection A, above, of this section, where the Cold War veteran has 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, 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 Cold War veteran disability rating; provided, however, that such exemption shall not exceed the product of $40,000 multiplied by the latest state equalization rate for the Town.C.

The exemption authorized by this section shall apply to qualifying owners of qualifying real property for as long as they remain qualifying owners, without regard to any time-limit extension.