The New York State Legislature has adopted and
the Governor has signed into law Bill No. 8472-A entitled "An Act
to Amend the Real Property Tax Law in Relation to Veterans Exemptions
and to Repeal Subdivision 5 of the § 458 of the Real Property
Tax Law Relating Thereto."
The provision of Real Property Tax Law § 458,
as amended, relative to veterans exemption, shall apply to county
real property taxes levied by the County of Cayuga.
Notwithstanding the limitation on the amount
of exemption prescribed in Subdivision 1 or 2 of 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 is certified for the assessment roll
pursuant to the rules of the State Board, the Assessor shall increase
or decrease the amount of such exemption by multiplying the amount
of such exemption by such change in level of assessment.
Owners of property who previously received an
exemption pursuant to Real Property Tax Law § 458, but who
opted instead to receive exemption pursuant to § 458-a are
hereby authorized to again receive an exemption pursuant to Real Property
Tax Law § 458 upon application by the owner within one year
of adoption of this article. The Assessor 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 certified
by the State Board measured from 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 entitlement shall be granted.
This article shall be applied to an assessment
roll prepared on the basis of a taxable status date of March 1995.
This article shall take effect in accordance
with Municipal Home Rule Law.