[Adopted 11-7-1979 by L.L. No. 3-1979; amended in its entirety 5-21-1985 by L.L. No.
4-1985 (Ch. 95, Art. III, of the 1976 Code)]
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 increased or decreased
due only to the 1979 full assessment by the Town of Riverhead, 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 had been increased or decreased in 1979. Such
adjustment shall be made by the Assessors in the manner provided in § 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.
Where property which is owned by a veteran and receiving any exemption
pursuant to § 458 of the Real Property Tax Law is sold and
other real property is acquired to replace the formerly owned property,
the exempt amount granted on the formerly owned property pursuant
to this subsection and as expressed in a percentage shall be granted
on the property acquired to replace the formerly owned property, provided
that the newly acquired property is in the same assessing unit, and
provided, further, that the exemption granted on the newly acquired
property shall not exceed the exemption on the formerly owned property
as expressed in a dollar amount.
