The purpose of this article is to provide authority
to the Town Assessor to increase or decrease the amount of a veteran's
exemption from taxation on real property if full value assessment
is adopted as the method of assessment in the Grand Island Tax District.
The Assessor of the Town of Grand Island may
adjust the amount of the exemption heretofore or hereafter granted
veterans from taxation on real property, if the ratio between the
exemption granted under § 458 of the Real Property Tax Law
and the total assessed value of the real property for which such exemption
has been granted increases or decreases due only to full assessment.
The amount of the exemption 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 Assessor or Assessors, as the case may be, in the manner provided
in the Real Property Tax Law, and no application therefor need be
filed by or on behalf of any owner of any eligible property.