[Adopted 5-8-1985 by L.L. No. 2-1985]
The purpose of this article is to increase the
exemption from real property taxes for veterans in the same proportion
as total assessed value has been increased by virtue of full value
assessment in the Town of Lockport.
Pursuant to the provisions of Subdivision 5(a)
of § 458 of the Real Property Tax Law of the State of New
York, the veterans tax exemption shall be increased in the Town of
Lockport in proportion to the increase in full value assessment in
said tax district.
Such assessment shall be made by the Assessor
in the manner provided in Paragraph 3 of Subdivision 1 of § 458,
and no application therefor need be filed by or on behalf of any owner
of any eligible property.
Where property which is owned by a veteran and
receiving an exemption pursuant to this article is sold and other
real property is acquired to replace the formerly owned property,
the exempt amount granted on the formerly owned property pursuant
to this article and as expressed in a percentage shall be granted
on the property acquired to replace the formerly owned property, provided
that the newly acquired property is in the same assessing unit, and
provided, further, that the exemption granted on the newly acquired
property shall not exceed the exemption on the formerly owned property,
as expressed in a dollar amount.
