[Adopted 2-6-2013 by L.L. No. 1-2013]
A.
Section
458 of the New York Real Property Tax Law ("Section 458") affords
certain veterans of military service or certain members of their families
who own real property a limited exemption from real estate taxes based
upon what the statute calls "eligible funds." Under Section 458, the
maximum amount of the partial exemption is $5,000. Since properties
in the Town currently are assessed at only a fraction of their actual
value, a maximum of $5,000 affords a veteran a reasonable exemption.
However, since the Town Board anticipates that the assessments of
real property in the Town will be revalued to reflect their full value
in time for the promulgation of the 2013 tentative tax assessment
roll, the exemption allowed by Section 458 will be significantly diminished
if the maximum amount of the exemption remains fixed at $5,000.
B.
Subdivision
5 of Section 458 authorizes the Town Board, by local law, to adjust
the maximum amount of the partial exemption which Section 458 allows
to reflect revaluation, thereby continuing to make the exemption produce
a reasonable reduction in real estate taxes for those persons entitled
to it. Through this enactment, the Town Board exercises the right
given to it by Subdivision 5 of Section 458.
If, the total assessed value of the real property for which
an exemption pursuant to Section 458 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
2 of Article 12 of Chapter 50-A of the Consolidated Laws of the State
of New York, is certified for the assessment roll pursuant to the
rules of the Commissioner of Taxation and Finance, 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.
