The purpose of this article is to maintain the
ratio of the amount of the veterans exemption to the assessed valuation
of property on which the exemption was granted when the ratio may
change as a result of a revaluation or update of assessments, as authorized
by Subdivision 5(a) of § 458 of the Real Property Tax Law,
and to permit veterans to reapply for the exemption under Real Property
Tax Law § 458 as authorized by Subdivision 5(b) of § 458
of the Real Property Tax Law.
A veteran who had received an exemption under
§ 458 of the Real Property Tax Law and who had opted for
the alternate exemption of § 458-a of such law may reapply
for the exemption under § 458 as authorized by Subdivision
5(b) of § 458 if such veteran applies by June 30, 1996.
This article shall be filed with the Secretary
of State and shall first be effective on the Village tax rolls for
the year 1997.