[Adopted 12-13-1994 by L.L. No. 6-1994]
The provisions of Real Property Tax Law § 458, as
amended, relative to veterans exemption, shall apply to County real
property taxes levied by the County of Cayuga.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
Notwithstanding the limitation on the amount of exemption prescribed
in Subdivision 1 or 2 of Real Property Tax Law § 458, 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 assessments, and a material change in level of assessment
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.
Owners of property who previously received an exemption pursuant
to this section, but who opted instead to receive exemption pursuant
to RPTL § 458-a are hereby authorized to again receive and
exemption pursuant to this section upon application by the owner within
one year of the adoption of this article. The Assessor shall recompute
all exemptions granted pursuant to this section by multiplying the
amount of each such exemption by the cumulative change in level of
assessment certified by the State Board measured from assessment roll
immediately preceding the assessment roll on which exemptions were
first granted pursuant to RPTL § 458-a; provided, however,
that if an exemption pursuant to this section 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 assessment roll immediately preceding the assessment roll on
which that exemption was initially granted. No refunds or retroactive
entitlements shall be granted.
This article shall be applied to assessment rolls prepared on
the basis of a taxable status date of March 1995 and thereafter.
