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.