[Adopted 12-22-1981 by L.L. No. 4-1981]
Pursuant to the provisions of § 458 of the New York State
Real Property Tax Law as heretofore adopted and amended by the Legislature
of the State of New York, the purpose of this article is to preserve the ratio
which each veteran's exemption from taxation on real property bears to
the total assessed value of the real property for which such exemption has
been granted whenever such total assessed value increases or decreases due
only to a change in the manner of assessing.
The meanings of words and expressions as used in this article shall
be identical to their meanings as used in § 458, as amended, of
the Real Property Tax Law of the State of New York.
If the ratio between the exemption granted under § 458 of
the Real Property Tax Law of the State of New York and the total assessed
value of the real property for which such exemption has been granted increases
or decreases due only to a change in the manner of assessing other than a
court ordered full value assessment in the Village, the amount of the exemption
heretofore or hereafter granted shall be increased or decreased in such subsequent
year in the same proportion as the total assessed value has been increased
or decreased. Such adjustment shall be made by the Assessor in the manner
provided in Paragraph 3 of Subdivision 1 of § 458 of the Real Property
Tax Law of the State of New York and no application therefor need be filed
by or on behalf of any owner of any eligible property.
