[L.L. No. 3-08, § 1, 9-9-2008]
Effective July 20, 1994, upon adoption of a local law, a taxing
jurisdiction is authorized to increase or decrease each existing Section
458, Subdivision 1 or 2, veterans exemption in proportion to the change
in level of all assessments resulting from a revaluation or update:
(a)
"5.(a) Notwithstanding the limitation on the amount of exemption prescribed in subdivision one or two of this section, upon adoption of a local law by the governing board of a county, city, town or village that levies taxes or for which taxes are levied on an assessment roll, 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 title two of article 12 of this chapter, 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 the change in level of assessment factor. 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 paragraph to the local officers having custody and control of the roll, and such local officers are hereby directed and authorized to enter the recomputed exemption certified by the assessor on the roll."[1]
[1]
Editor's Note: See § 458, Subdivision 5(a), of the
Real Property Tax Law.
