[Adopted 12-10-1997 by L.L. No. 1-1998]
Notwithstanding the limitation on the amount of exemption prescribed in Subdivision 1 or 2 of § 458 of the Real Property Tax Law, if the total assessed value of the real property for which such exemption has been granted pursuant to said subdivisions increases or decreases as a result of a revaluation or update of assessments, and if a material change in level of assessment is certified for the assessment roll, the Assessor shall increase or decrease the amount of such exemption by multiplying the amount of such exemption by the change in level of assessment factor. If the Assessor receives the certification after the completion, verification and filing of the final assessment roll, the Assessor shall certify the amount of exemption as recomputed pursuant to this section to the local officers having custody and control of the roll, and such local officers are hereby directed and authorized to enter the recomputed exemption certified by the assessor on the roll.
Those persons otherwise entitled to receive an exemption pursuant to § 458 of the Real Property Tax Law, but who opted instead to receive an exemption pursuant to § 458a, may again receive an exemption pursuant to § 458 upon application by the owner within one year of the adoption of this article.