[Adopted 2-26-1985 by L.L. No. 1-1985]
A.
Exemption applicable to veterans residing in cooperative apartments.
As set forth pursuant to § 458, Subdivision 8, of the New
York State Real Property Tax Law, title to that portion of real property
owned by a cooperative apartment corporation in which a tenant-stockholder
resides and which is represented by his or her share or shares of
stock in such corporation determined by its or their proportional
relationship to the total outstanding stock of the corporation, including
that owned by the corporation, shall be deemed to be vested in such
tenant-stockholder. That proportion of the assessment of such real
property owned by a cooperative apartment corporation determined by
the relationship of such real property vested in such tenant-stockholder
to such real property owned by such cooperative apartment corporation
in which such tenant-stockholder resides shall be subject to exemption
from taxation pursuant to § 458 of the New York State Real Property
Tax Law and any exemption so granted shall be credited by the taxing
authority of the Village of Ossining against the assessed valuation
of such real property; the reduction in real property taxes realized
thereby shall be credited by the cooperative apartment corporation
against the amount of such taxes otherwise payable by or chargeable
to such tenant-stockholder. Notwithstanding the foregoing, a tenant-stockholder
who resides in a dwelling that is subject to the provisions of Articles
2, 4, 5 or 11 of the New York State Private Housing Finance Law shall
not be eligible for an exemption pursuant to this article.
B.
Veterans exemption adjustment. As set forth in § 458(5)
of the New York State Real Property Tax Law, notwithstanding the limitation
on the amount of exemption prescribed in Subdivision 1 or 2 of § 458,
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,
is certified for the assessment roll pursuant to the rules of the
commissioner, the 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 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 this subsection and shall thereupon be authorized
to enter the recomputed exemption certified by the assessor on the
roll.
C.
Recompute exemptions. For change in level of assessment rolls filed
on or after the date of adoption of this section, if additional eligible
funds are received and applied to the purchase of the property (for
example, by reducing the principal of a mortgage or making improvements
to the property), the existing veteran's exemption would be adjusted
to reflect the additional eligible funds multiplied by the change
in level in the year of the reassessment.
D.
Transferred prorated exemption. As set forth in § 458(9)
of the New York State Real Property Tax Law, where a veteran, the
spouse of the veteran or unremarried surviving spouse already receiving
an exemption pursuant to § 458 of the New York State Real
Property Tax Law sells the property receiving the exemption and purchases
property within the same county, the assessor shall transfer and prorate,
for the remainder of the fiscal year, the exemption which the veteran,
the spouse of the veteran or unremarried surviving spouse received.
The prorated exemption shall be based upon the date the veteran, the
spouse of the veteran or unremarried surviving spouse obtains title
to the new property and shall be calculated by multiplying the tax
rate or rates for each municipal corporation which levied taxes, or
for which taxes were levied, on the appropriate tax roll used for
the fiscal year or years during which the transfer occurred times
the previously granted exempt amount times the fraction of each fiscal
year or years remaining subsequent to the transfer of title. Nothing
in this section shall be construed to remove the requirement that
any such veteran, the spouse of the veteran or unremarried surviving
spouse transferring an exemption pursuant to Subdivision 9 of § 458
of the New York State Real Property Tax Law shall reapply for the
exemption authorized pursuant to § 458 of the New York State
Real Property Tax Law on or before the following taxable status date,
in the event such veteran, the spouse of the veteran or unremarried
surviving spouse wishes to receive the exemption in future fiscal
years.
E.
Application for exemptions under New York State Real Property Tax
Law.
(1)
Application for the exemption described in Subdivision 1 of New York
State Real Property Tax Law § 458 shall be made on a verified
form prescribed or approved by the State Board of Real Property Services.
Such application shall be filed in the office of the Assessor of the
Town of Ossining by or on behalf of the owner on or before the taxable
status date and shall state the amount of eligible funds, as that
term is defined in Real Property Tax Law § 458, used in
the purchase of the property.
(2)
Application for the exemption described in Subdivision 2 of New York
State Real Property Tax Law § 458 shall be made on verified
form prescribed or approved by the State Board of Real Property Services.
Such application shall be filed in the office of the Assessor of the
Town of Ossining by or on behalf of the owner on or before the taxable
status date and shall state the facts upon which the exemption is
claimed as well as the amount of money raised by popular subscription,
as that term is defined in Real Property Tax Law § 458,
used in the purchase of the property.
(3)
Application for the exemption described in Subdivision 3 of New York
State Real Property Tax Law § 458 shall be made on a verified
form prescribed or approved by the State Board of Real Property Services.
Such application shall be filed in the office of the Assessor of the
Town of Ossining by or on behalf of the owner on or before the taxable
status date.
F.
No alternative exemption available. No alternate exemption from real
property taxes shall be granted to veterans pursuant to Real Property
Tax Law, § 458-a with respect to real property taxes levied
for the Village of Ossining.
