[Adopted 10-16-1985 by L.L. No. 4-1985]
A.
If the ratio between the exemption granted under § 458
of the Real Property Tax Law and the total assessed value of the real
property for which such exemption has been granted increases or decreases
due only to a full value assessment in the tax district in which such
property is located, the amount of the exemption heretofore or hereafter
granted shall be increased or decreased in such subsequent year in
the same proportion as the total assessed value has been increased
or decreased. Such adjustment shall be made by the Assessors in the
manner provided in Subdivision 1(3) of § 458 of the Real
Property Tax Law, and no application therefor need be filed by or
on behalf of any owner of any eligible property.
B.
The ratio established and provided for in Subsection A above shall become effective only in the event of full value assessment on real property in the Town of Elma, whether such full value assessment is authorized by the Town of Elma, the County of Erie or the State of New York or any agency thereof.
