This article will be known as the "Veterans Exemptions Law."
The intent of this article is to provide for an increase or decrease
in the amount of veterans' exemptions pursuant to Real Property Tax
Law (RPTL) § 458 whenever the total assessed value of real
property for which an exemption has been granted increases or decreases
as a result of a reevaluation or update of assessments and a material
change in level of assessment is certified for the assessment roll
pursuant to the rules of the State Board of Assessment, to permit
property owners who formerly received a veterans' exemption pursuant
to RPTL § 458-a to be able to once again receive exemption
pursuant to RPTL § 458, and to increase the amount of exemptions
granted to veterans pursuant to RPTL § 458-a.
This article is enacted pursuant to the authority granted by
RPTL §§ 458 and 458-a.
Notwithstanding the limitation on the amount of the veterans'
exemptions prescribed in Subdivision 1 or 2 of RPTL § 458,
if the total assessed value of real property for which a veterans'
exemption pursuant to RPTL § 458 has been granted increases
or decreases as the result of a reevaluation or update of assessments,
and a material change in level of assessment, as provided in Title
2 of Article 12 of the RPTL, is certified for the assessment roll
pursuant to the rules of the State Board of Assessment, the Town 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. If the Town Assessor receives the certification after the
completion, verification and filing of the final assessment roll,
the Town Assessor shall certify the amount of exemption as recomputed
to the Town officers having custody and control of the roll, and such
Town officers are hereby directed and authorized to enter the recomputed
exemption certified by the Town Assessor on the roll.
Owners of property in the Town who previously received an exemption
pursuant to RPTL § 458, but who opted instead to receive
exemption pursuant to RPTL § 458-a, may again receive an
exemption pursuant to RPTL § 458 upon application by the
owner.
The maximum exemptions allowable in Paragraphs (a), (b) and
(c) of Subdivision 2 of RPTL § 458-a are increased to $15,000,
$10,000 and $50,000, respectively.