[Adopted 5-15-1985 by L.L. No. 1-1985]
A.
The purpose of this article is to increase the exemption from real
property taxes for veterans in the same proportion as total assessed
value has been increased by virtue of full-value assessment in the
Town of Somerset.
B.
Pursuant to the provisions of § 458 of the Real Property
Tax Law of the State of New York, veterans tax exemption shall be
increased in the Town of Somerset in proportion to the increase in
full-value assessment in said tax district.
C.
Such assessment shall be made by the assessors in the manner provided
in Subdivision 1(3) of § 458, and no application therefor
need be filed by or on behalf of any owner of any eligible property.
[Amended 9-10-1996 by L.L. No. 2-1996]
Where property which is owned by a veteran and receiving an
exemption pursuant to § 458 is sold and other real property
is acquired to replace the formerly owned property, the exempt amount
granted on the formerly owned property pursuant to § 458
and as expressed in a percentage shall be granted on the property
acquired to replace the formerly owned property, provided that the
newly acquired property is in the same assessing unit; and provided,
further, that the exemption granted on the newly acquired property
shall not exceed the exemption on the formerly owned property as expressed
in a dollar amount.
