[Adopted 2-6-2013 by L.L. No. 1-2013]
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.
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.