[10-16-2017 by L.L. No. 9-2017]
A. 
Section 458 of the New York Real Property Tax Law ("§ 458") affords certain veterans of military service (described in § 458) or certain members of their families (described in § 458) who own real property (as described in § 458) a limited exemption from real estate taxes based upon what the statute calls "eligible funds." Under § 458, the maximum amount of the partial exemption is $7,500. Since properties in the Village currently are assessed at only a fraction of their actual value, a maximum of $7,500 affords a veteran a reasonable exemption. However, since the Village Board anticipates that the assessments of real property in the Village will be revalued to reflect their full value in time for the promulgation of the 2018 tentative tax assessment roll, the exemption allowed by § 458 will be significantly diminished if the maximum amount of the exemption remains fixed at $7,500.
B. 
Subdivision 5 of § 458 authorizes the Village Board, by local law, to adjust the maximum amount of the partial exemption which § 458 allows to reflect revaluation, thereby continuing to make the exemption produce a reasonable reduction in real estate taxes for those persons entitled to it. Through this enactment, the Village Board exercises the right given to it by Subdivision 5 of § 458.
If the total assessed value of the real property for which an exemption pursuant to § 458 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 Chapter 50-a of the Consolidated Laws of the State of New York, is certified for the assessment roll pursuant to the rules of the Commissioner of Taxation and Finance, 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.