[Adopted 10-28-2015 by L.L. No. 13-2015]
The purpose of this article is to provide that the limitation
on the value of the exemption prescribed in Subdivisions 1 and 2 of
New York State Real Property Tax Law § 458 shall not apply
in the event of increases or decreases in assessed value resulting
from a revaluation and to provide veterans who reside in cooperative
apartments, and who meet the requirements set forth in New York State
Real Property Tax Law § 458, with the real property tax
exemption provided for in Subdivision 8 of that section.
As set forth pursuant to § 458(8) of the New York State Real Property Tax Law, title to that portion of real property owned by a cooperative apartment corporation in which a tenant-stockholder resides and which is represented by his or her share or shares of stock in such corporation determined by its or their proportional relationship to the total outstanding stock of the corporation, including that owned by the corporation, shall be deemed to be vested in such tenant-stockholder. That proportion of the assessment of such real property owned by a cooperative apartment corporation determined by the relationship of such real property vested in such tenant-stockholder to such real property owned by such cooperative apartment corporation in which such tenant-stockholder resides shall be subject to exemption from taxation pursuant to § 458 of the New York State Real Property Tax Law, and any exemption so granted shall be credited by the appropriate taxing authority against the assessed valuation of such real property; the reduction in real property taxes realized thereby shall be credited by the cooperative apartment corporation against the amount of such taxes otherwise payable by or chargeable to such tenant-stockholder. Notwithstanding the foregoing, a tenant-stockholder who resides in a dwelling that is subject to the provisions of Articles II, IV, V or XI of the New York State Private Housing Finance Law shall not be eligible for an exemption pursuant to this article.
A.
Notwithstanding the limitation on the amount of exemption prescribed
in Subdivisions 1 and 2 of New York State Real Property Tax Law § 458,
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 2 of Article 12 of the New York State Real Property
Tax Law, is certified for the assessment roll pursuant to the rules
of the State Board of Real Property Services, the Assessor shall increase
or decrease 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.
B.
A veteran who had received an exemption under § 458 and
who had opted for the alternate exemption under § 458-a,
may reapply for the § 458 veterans exemption as authorized
by § 458(5)(b), if such application is received within one
year from the effective date of this article.
Application for the exemption set forth in this article shall
be made by the qualified owner, or all of the qualified owners, of
the property on a form prescribed by the New York State Board of Real
Property Tax Services. The owner or owners shall file the completed
form in the Town Assessor's office on or before the first appropriate
taxable status date. The owner or owners of the property shall be
required to refile at such times and under such circumstances as may
be set forth in § 458 of the New York State Real Property
Tax Law. Any applicant convicted of willfully making any false statement
in the application for such exemption shall be subject to the penalties
prescribed in the New York State Penal Law.
Where the veteran, the spouse or unremarried surviving spouse
of the veteran already receiving an exemption pursuant to this section
sells the property receiving the exemption and purchases property
with the Town, the Assessor shall transfer and prorate, for the remainder
of the fiscal year, the exemption received.
