[Adopted 12-12-2000 by L.L. No. 5-2000]
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.
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 assessment in the Town of Coxsackie, and a material change in the
level of assessments 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 Paragraph (a) of Subdivision 5 of § 458 of the Real
Property Tax Law, 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 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.
