[Adopted 6-24-1985 by L.L. No. 5-1985]
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.
Pursuant to the provisions of Paragraph (a)
of Subdivision 5 of § 458 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 real property for which such
exemption has been granted increases or decreases due only to a full
value assessment in the City of Watertown in which such property is
located, 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 assessors in the manner provided
in § 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.
