If you are an honorably-discharged American veteran, having served during a qualifying period of war, as specifically identified in the Real Property Tax Law, you may be eligible for benefits under the Alternate Veteran's Exemption program. For service in a combat zone and for those disabled by their service, additional benefits accrue.
Calculation of this exemption is tied to home value "caps," as established by law, and the applicable municipal equalization rate (the amount exempt from taxation is not a straight 15% of the property's assessed value).
Proof of service/discharge (form DD214) must accompany the filing of an application by the new filing deadline of May 1. This exemption requires the filing of a one-time application (PDF), which remains in effect until there are changes in the ownership of the property.