This Article shall be known as the "Eligible Funds Veterans
Adjustment Law" of the Village of Warsaw.
It is the purpose and intent of this article to implement legislation,
S-8472-A, signed into law by the Governor of the State of New York,
which amends § 458, Subdivision 5, of the Real Property
Tax Law of the State of New York to direct the Village Assessor to
adjust the amount of the eligible funds veterans exemption based upon
reassessment of property within the village and to permit veterans
who had converted from the eligible funds veterans exemption to the
alternative veterans exemption as a result of a revaluation or update,
to change back to eligible funds veterans exemption and obtain the
benefits of the amended provision of the Real Property Tax Law.
The Village Board of the Village of Warsaw hereby recognizes
that the total assessed value of the real property for which an exemption
has been granted pursuant to Subdivision 1 or 2 of § 458
of the Real Property Tax Law will be increased or decreased as a result
of a revaluation or update and a material change in the level of assessment
will be certified for the assessment roll of the Village of Warsaw
pursuant to the rules of the State Board of Equalization and Assessment.
The Assessor of the Village of Warsaw is hereby directed, if the owner applies in accordance with §
137-26 herein, or otherwise applied to the Town of Warsaw, in which event the Village Assessor will make use of that application for purposes of the village exemption, to increase or decrease the amount of the Eligible Funds Veterans Exemption by multiplying the amount of the exemption by the change in the level of assessment for the Village of Warsaw as determined by and certified by the New York State Division of Equalization and Assessment pursuant to the rules of the State Board of Equalization and Assessment.