[Adopted 2-9-1995 by L.L. No. 1-1995]
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 § 458 of the Real Property Tax Law Relating Thereto."
The provisions 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 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 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 assessment roll immediately preceding the assessment roll on which that exemption was initially granted. No refunds or retroaction entitlements shall be granted.