[Adopted 2-7-1996 by L.L. No. 2-1996]
The purpose of this article is to provide for
an increase or decrease in the amount of veterans eligible funds exemption
in direct proportion to the general increase or decrease in assessments
throughout the Town of Philipstown as authorized pursuant to the provisions
of Real Property Tax Law § 458, Subdivision 5.
Notwithstanding the limitation on the amount
of exemption prescribed in Subdivision 1 or 2 of § 458 of
the 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 the Real Property Tax Law, 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 factor. 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 Subdivision 5(a)
of § 458 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.
As provided in Real Property Tax Law § 458,
Subdivision 5(b), any owner of property who previously received an
exemption pursuant to said § 458, but who opted instead
to receive exemption pursuant to § 458-a, is authorized
to again receive an exemption pursuant to § 458 upon application
by such owner within one year of the adoption of this article.
