[Adopted 6-27-1995 by L.L. No. 14-1995]
The purpose of this article is to maintain the
ratio of the amount of the veterans' exemption to the assessed valuation
of property on which the exemption was granted when the ratio may
change as a result of a revaluation or update of assessments, as authorized
by Paragraph (a) of Subdivision 5 of § 458 of the Real Property
Tax Law.
A.
If the total assessed value of real property for which
an exemption has been granted pursuant to § 458 of the Real
Property Tax Law has been increased or decreased as a result of a
revaluation or update of assessments in the Town of Southold, and
a material change in level of assessment has been certified by the
State Board of Real Property Services for the assessment roll on which
such property is assessed, the Assessor shall increase or decrease
the amount of such exemption by multiplying the amount of such exemption
by the percentage change in level of assessment.
B.
In accordance with Paragraph (a) of Subdivision 5
of such § 458, if the Assessor receives the certification
from the State Board after the final assessment roll has been filed,
the Assessor shall certify the amount of the recomputed exemption
to the officer having custody and control of the roll, who is directed
and authorized by such statute to enter the recomputed exemption on
the roll.
