[Adopted 11-29-1995 by L.L. No. 13-1995]
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 County of Putnam as authorized pursuant to the provisions
of § 458, Subdivision 5(a) of the Real Property Tax Law.
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 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. If the Assessor receives the certification after the completion, verification and filing of the final assessment roll, the assessor shall certify the amount of the exemption as recomputed pursuant to Subdivision 3 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.
Any veteran who once had the eligible funds'
exemption, but now have the alternative exemption may switch back
to the eligible funds exemption within one year of the adoption of
the local law to take advantage of the change-in-level factor.
This article shall become effective immediately.
