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 Exemption
and to Repeal Subdivision 5 of § 458 of the Real Property
Tax Law Relating Thereto."
The provisions of Real Property Tax Law § 458,
as amended, relative to veterans exemptions shall apply to town real
property taxes levied by the Town of Niles.
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 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 this section, but who opted instead to receive
exemption pursuant to § 458-a, are hereby authorized to
again receive an exemption pursuant to this section upon application
by the owner within one year of the adoption of this article. The
Assessor shall recompute all exemptions granted pursuant to this section
by multiplying the amount of each such exemption by 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 assessment roll immediately preceding the assessment roll on
which that exemption was initially granted. No refunds or retroactive
entitlements shall be granted.
This article shall be applied to assessment
rolls prepared on the basis of a taxable status date of March 1997
and thereafter.