[Adopted 9-3-1996 by L.L. No. 10-1996 (Ch. 154, Art. V, of the 1991 Code)]
The New York State Legislature has adopted, and the Governor has signed into law, Chapter 410, Section 1, of the Laws of 1994, entitled "An Act to Amend the Real Property Tax Law in Relation to the Veterans Exemptions, and to Repeal Subdivision 5 of Section 458 of the Real Property Tax Law, Relating Thereto."
The provisions of Real Property Tax Law § 458, as amended, relative to the veterans exemption, shall apply to City real property taxes levied by the City of Fulton.
A. 
Notwithstanding the limitation on the amount of exemption prescribed in Subdivision 1 or 2 of Real Property Tax Law § 458, if the total assessed value of the real property for which such exemption has been granted increases or decreases as the result of a revaluation or update of assessments and a material change in level of assessment as provided in Real Property Tax Law is certified for the assessment roll pursuant to the rules of the State Board, 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. If the Assessor receives the certification after the completion, verification and filing of the final assessment roll, the Assessor shall certify the amount of exemption as recomputed pursuant to this subsection, and such local Assessor is hereby directed and authorized to enter the recomputed exemption on the roll.
B. 
Owners of property who previously received an exemption pursuant to § 458 of the Real Property Tax Law but opted instead to receive exemption pursuant to § 458-a of the Real Property Tax Law may, within one year from the adoption of this article, make application to again receive an exemption pursuant to § 458. The Assessor shall recompute all exemptions granted pursuant to this section by multiplying the amount of each such exemption by the cumulative change in level of assessment certified by the State Board measured from the assessment roll immediately preceding the assessment roll on which exemptions were first granted pursuant to § 458-a; provided, however, that if an exemption pursuant to this section was initially granted to a parcel on a later assessment roll, the cumulative change in level factor to be used in recomputing the exemption shall be measured from the assessment roll immediately preceding the assessment roll on which that exemption was initially granted. No refunds or retroactive entitlements shall be granted.
C. 
Such adjustments shall be made by the Assessor in the manner provided in § 458, Subdivision 1(3), of the Real Property Tax Law, and, except as provided in Subsection B herein, no application need be filed by or on behalf of any owner of any eligible property.
This article shall be applied to an assessment roll prepared on the basis of a taxable status date occurring on or after March 1, 1997.