Pursuant to the provisions of § 458 of the New York State Real Property Tax Law as heretofore adopted and amended by the Legislature of the State of New York, including the amendment by reason of adoption of the Laws of 1979, Chapter 134, effective May 24, 1979, and the adoption of the Laws of 1984, Chapter 525, the purpose of this article is to preserve the ratio which each veteran's exemption from taxation on real property bears to the total assessed value of the real property for which such exemption has been granted whenever such total assessed value increases or decreases due only to a change in the manner of assessing.
[Adopted 8-7-1985 by L.L. No. 4-1985 (Ch. 41, Art. II, of the 1991 Code)]
The meaning of words and expressions, as used in this article, shall be identical to their meanings as used in §§ 307 and 458, as amended, of the Real Property Tax Law of the State of New York.
If the ratio between the exemption granted under § 458, Subdivision 1, of the Real Property Tax Law of the State of New York and the total assessed value of the real property for which such exemption has been granted increases or decreases, due only to a change in the manner of assessing in the Town, the amount of the exemption heretofore or hereafter granted shall be increased or decreased in such subsequent year in the same proportion as the total assessed value has been increased or decreased. Such adjustment shall be made by the Assessor in the manner provided in Paragraph 3 of Subdivision 1 of § 458 of the Real Property Tax Law of the State of New York, and no application therefor need be filed by or on behalf of any owner of any eligible property.
If any part of this article shall be found invalid, such invalidity shall apply only to such part, and the remainder of this article shall remain valid and effective.
This article shall be entitled "A Local Law of the Town of East Greenbush, Rensselaer County, New York, to Provide For the Preservation of Veterans' Exemptions in Connection With Taxation on Real Property in Respect to the Ratios Thereof Whereas There Has Been a Change in the Manner of Assessing" and may be cited accordingly. This article may also be cited as a local law of the Town of East Greenbush, Rensselaer County, New York, by year and number of adoption by the Town Board of the Town of East Greenbush, Rensselaer County, New York.