[Adopted 4-15-1982 by L.L. No. 1-1982]
The purpose of this article shall be to provide for the preservation of the veterans exemption in connection with taxation on real property in respect to the ratios thereof in the event of the change in the manner of assessing in accordance with § 458, Subdivision 5(b), of the New York State Real Property Tax Law.
[Amended 2-19-2009 by L.L. No. 5-2009]
Pursuant to the provisions of § 458 of the New York State Real Property Tax Law as heretofore adopted and amended by the Legislature of the State of New York, including the amendments by reason of the adoption of Chapter 134 of the Laws of 1979, effective May 24, 1979, and by the adoption of Chapter 259 of the Laws of 1981, effective December 3, 1981, and by the adoption of Chapter 981 of the Laws of 1981, effective December 3, 1981, the purpose of this article is to preserve the ratio which each veterans exemption from taxation on real property bears to the total assessed value of real property for which such exemption has been granted, whenever such total assessed value increases or decreases due only to a change in the manner of assessing.
The meanings of words and expressions as used in this article shall be identical to their meanings as used in §§ 307 and 458, as amended, of the Real Property Tax Law of the State of New York.[1]
[1]
Editor's Note: Real Property Tax Law § 307 expired 10-30-1981.
If the ratio between the exemption granted under § 458, Subdivision 1, of the Real Property Tax Law of the State of New York and the total value of assessed property for which such exemption has been granted increases or decreases due only to a change in the manner of assessing in the Town of Stillwater, the amount of the exemption heretofore or hereafter granted 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 Assessors in a manner provided in Subdivision 1(3) of § 458 of the Real Property Tax Law of the State of New York and no application therefor need be filed by or on behalf of any owner of any eligible property.