[Adopted 1-25-1996 by L.L. No. 1-1996 (Ch. 118, Art. IV, of the 1996
Code)]
This article is enacted pursuant to the provisions of § 458
of the Real Property Tax Law, as amended.
[Amended 6-25-2020 by L.L. No. 3-2020]
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 decreased 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 the Real Property Tax Law, is certified for the assessment roll pursuant to the rules of the State Office of Real Property Tax Services, the Assessor shall increase or decrease the amount of such exemption by multiplying the amount of such exemption by such change in level of assessment. 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 § 260-8 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.
[Amended 6-25-2020 by L.L. No. 3-2020]
Notwithstanding the provisions of Subdivision 6(b) of § 458-a
of the Real Property Tax Law, an owner of property who previously
received an exemption pursuant to § 458, but who opted instead
to receive exemption pursuant to § 458-a, may again receive
an exemption pursuant to § 458 upon application by the owner
within one year of the adoption of this article. The Assessor shall
recompute all exemptions granted pursuant to § 458 by multiplying
the amount of each such exemption by the cumulative change in level
of assessment certified by the State Office of Real Property Tax Services
measured from the assessment roll immediately preceding the assessment
roll on which exemptions were first granted pursuant to § 458-a;
provided, however, that if an exemption pursuant to § 458
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.
