[Adopted 2-12-2001 by L.L. No. 1-2001]
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.
If the total assessed value of real property for which an exemption
has been granted pursuant to § 458 of the Real Property
Tax Law has been increased or decreased as a result of a revaluation
or update of assessments in the Village of Coxsackie, and a material
change in level of assessment has been certified by the State Board
of Real Property Services for the assessment roll on which such property
is assessed, 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.
B.
In accordance with Subdivision 5(a) of such § 458, if the
Assessor receives the certification from the State Board after the
final assessment roll has been filed, the Assessor shall certify the
amount of the recomputed exemption to the officer having custody and
control of the roll who is directed and authorized by such statute
to enter the recomputed exemption on the roll.
A veteran who had received an exemption under such § 458
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 such § 458, if such veteran
applies within one year from the adoption of this article.
This article shall take effect immediately upon filing with
the Secretary of State.