This article shall be entitled "Local Law of the County of Albany Adopting Chapter
410 of the 1994 Laws of the State of New York, Subdivision 5, Section 457 of the NYS Real Property Tax Law, in Relation to Veterans Exemptions."
Notwithstanding the limitation on the amount of exemption prescribed in Subdivision 1 or 2 of Subdivision 5 of § 458 of the New York State 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 assessments, and a material change in level of assessment, as provided in Title 2 of Article
12 of Chapter
410 of the 1994 Laws of New York State, is certified for the assessment roll pursuant to the rules of the State Board, 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 section 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.
Notwithstanding the provisions of Paragraph (b) of Subdivision
6 of § 458 of the New York State Real Property Tax Law,
eligible owners of property who previously received an exemption pursuant
to Subdivision 5 of § 458 of the New York State Real Property
Tax Law, but who opted instead to receive exemption pursuant to § 458-a
of the New York State Real Property Tax Law, are hereby authorized
to receive an exemption pursuant to Subdivision 5 of § 458
of the New York State Real Property Tax Law upon timely application
by the owner within one year of the adoption of this article. Where
such application is timely made, 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 the assessment roll immediately
preceding the assessment roll on which exemptions were first granted
pursuant to § 458-a of the New York State Real Property
Tax Law; provided, however, that if an exemption 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.