This article is adopted pursuant to Chapter 410 of the Laws
of 1994 and the authority of the Real Property Tax Law § 458.
All definitions, terms and conditions of such statute as presently
enacted shall apply to this article and are incorporated herein.
The purpose of this article is to maintain the ratio of the
amount of the veterans exemption to the assessed valuation of the
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 Paragraph (a) of Subdivision 5 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 Paragraph (b)
of Subdivision 5 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 Paragraph (b) of Subdivision 5 of § 458, if
such veteran applies within one year from the adoption of this article.
This article shall be applied to assessment rolls prepared on
the basis of a taxable status date of March 2001 and thereafter.