§ 458. Veterans. The following property shall be exempt from taxation:\n1. All property exempt by law from execution, other than an exempt\nhomestead. But real property purchased with the proceeds of a pension,\nbonus or insurance, or dividends or refunds on such insurance, or\npayments received as prisoner of war compensation from the United States\ngovernment, heretofore or hereafter received, hereinafter referred to as\neligible funds, granted by the United States or by this state for\nmilitary or naval services, and owned by the person who rendered such\nservices, or by the spouse or unremarried surviving spouse, or dependent\nfather or mother, or the children under twenty-one years of age of such\nperson is subject to taxation as herein provided.\n (1) Such property shall be assessed in the same manner as other real\nproperty in the tax districts. On or before the appropriate taxable\nstatus date, a verified application on a form prescribed or approved by\nthe commissioner for the exemption of such real property from taxation\nmay be filed in the appropriate assessor's office by or on behalf of the\nowner thereof, which application must show the facts on which the\nexemption is claimed, including the amount of eligible funds used in or\ntoward the purchase of such property.\n (2) Except as provided in subdivision five of this section, no such\nexemption on account of eligible funds paid on account of military or\nnaval services rendered by an individual shall be allowed in excess of\nseven thousand five hundred dollars. For the purposes of this\nsubdivision any established exemption, or newly claimed exemption, or an\naggregate thereof, as the case may be, in excess of any multiple of\nfifty dollars shall be regarded as being the nearest multiple of fifty\ndollars and allowed in such amount. If the amount of such exemption has\nno nearest multiple of fifty dollars, it shall be regarded as being the\nnext higher multiple of fifty dollars and allowed in such amount. The\nmingling of such eligible funds with other funds or their retention by\nthe United States for insurance premiums shall not bar the granting of a\nclaim for such exemption.\n (3) If the assessors are satisfied that the applicant is entitled to\nany exemption, they shall make appropriate entries upon the\nassessment-roll opposite the description of such property and subtract\nthe total amount of such exemption from the total amount assessed\npursuant to the provisions of paragraph one of this subdivision. Such\nentries shall be made and continued in each assessment of the property\nso long as it is exempt from taxation for any purpose. Such real\nproperty, to the extent of the exemption entered by the assessors, shall\nbe exempt from state, county and general municipal taxation. The\ngoverning body of a school district in which such property is located\nor, in the case of a city with a population of one million or more, the\nlocal legislative body, may, after public hearings, adopt a local law,\nordinance or resolution providing for an exemption for local school\npurposes. The provisions herein, relating to the assessment and\nexemption of property purchased with eligible funds apply and shall be\nenforced in each municipal corporation authorized to levy taxes.\n (4) If the application for exemption is not granted, the property\nshall be subject to taxation for all purposes.\n (5) Notwithstanding the provisions of this section or any other\nprovision of law, in any city with a population of one million or more,\napplications for the exemption authorized pursuant to this section shall\nbe considered timely filed if they are filed on or before the fifteenth\nday of March of the appropriate year.\n 2. Real property purchased with moneys collected by popular\nsubscription in partial recognition of extraordinary services rendered\nby any veteran of world war one, world war two, or of the hostilities\nwhich commenced June twenty-seventh, nineteen hundred fift
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