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 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.