Pursuant to the provisions of § 458 of the Real Property
Tax Law of the State of New York, with regard to the veterans real
property tax exemption, if the total assessed value of the real property
for which such exemption has been granted increases or decreases as
the result of a revaluation or update of assessments, and a material
change in level of assessment, as provided in Title Two of Article
12 of Chapter 50-A, is certified for the assessment roll pursuant
to the rules of the state board, the Board of Assessors 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 Board of Assessors receives the certification after the completion,
verification and filing of the final assessment roll, the Board of
Assessors 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.
Owners of property who previously received an exemption pursuant
to § 458 of the Real Property Tax Law, but who opted instead
to receive exemption pursuant to § 458-a of the Real Property
Tax Law, are authorized to receive an exemption pursuant to § 458
of the Real Property Tax Law upon application by the owner within
one year of the adoption this section. The Board of Assessors shall
recompute all exemptions granted pursuant to this section by multiplying
the amount of each such exemption by the cumulative change in level
of assessment factor certified by the state board measured from the
assessment roll immediately preceding the assessment roll on which
exemptions were first granted pursuant to § 458-a; provided,
however, that if an exemption pursuant to this section was initially
granted to a parcel on a later assessment roll, the cumulative change
in level factor to be used in recomputing that exemption shall be
measured from the assessment roll immediately preceding the assessment
roll on which that exemption was initially granted. No refunds or
retroactive entitlements shall be granted.
Application for the exemption shall be filed in the Board of
Assessor's office on a form proscribed by that Board.