[Adopted 11-3-1997 by L.L. No. 2-1997 (Ch. 140, Art. III, of the 1998
Code)]
The provisions of the New York State Real Property Tax Law § 458,
Subdivisions 5a and 5b, as amended and as adopted herein, shall only
apply to the levy of real property taxes in the Town of Verona.
Notwithstanding the limitation on the amount of exemption prescribed
in Subdivision 1 or 2 of § 458 of the Real Property Tax
Law, 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 assessment, and a material change in level
of assessment as provided in Title 2 of Article 12 of the Real Property
Tax Law, is certified for the assessment roll pursuant to the rules
of the Commissioner, the Assessor shall increase or decrease the amount
of such exemption by multiplying such exemption to the change of the
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 article 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.
Owners of property who previously received an exemption pursuant
to this section, but who opted instead to receive exemption pursuant
to § 458-a of the Real Property Tax Law, are hereby authorized
to receive an exemption pursuant to this article upon application
by the owner within one year of the adoption of this article. The
Assessor shall recompute all exemptions granted pursuant to this article
by multiplying the amount of each such exemption by the cumulative
change in level of assessment certified by the Commissioner measured
from the assessment roll immediately preceding the assessment roll
in which assessments were first granted pursuant to § 458-a
of the Real Property Tax Law; provided, however, that if an exemption
pursuant to that section of the Real Property Tax Law was initially
granted to a parcel on a later assessment roll, the cumulative change
in level factor to be used in recomputing that exemption shall be
measured from the assessment roll immediately preceding the assessment
roll on which that exemption was initially granted. No refunds or
retroactive entitlements shall be granted.
