[Adopted 9-22-1994 by L.L. No. 10-1994]
The purpose of this article is to authorize
a change in the amount of the eligible funds exemption granted to
veterans in the event of a material change in the level of assessment
as authorized by Subdivision 5 of § 458 of the Real Property
Tax Law.
A.
In the event that the total assessed value of any
real property for which an exemption prescribed in Subdivision 1 or
2 of § 458 of the New York State Real Property Tax Law 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 of Equalization and Assessment, the sole Assessor of the
Town of Colonie 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 exemption as recomputed pursuant
to this subsection 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.
B.
Owners of real property who previously received an
exemption pursuant to § 458 of the Real Property Tax Law,
but who opted instead to receive an exemption pursuant to § 458-a
of the Real Property Tax Law, may again receive an exemption pursuant
to § 458 of the Real Property Tax Law upon application by
the owner within one year of the adoption of this article. The Assessor
shall recompute all exemptions granted pursuant to this section by
multiplying the amount of each such exemption by the cumulative change
in level of assessment certified by the State Board of Equalization
and Assessment measured from the assessment roll immediately preceding
the assessment roll on which exemptions were first granted pursuant
to § 458-a of the Real Property Tax Law; provided, however,
that if an exemption pursuant to this section was initially granted
to a parcel on a later assessment roll, the cumulative change in level
factor to be used in recomputing that exemption shall be measured
from the assessment roll immediately preceding the assessment roll
on which that exemption was initially granted. No refunds or retroactive
entitlements shall be granted.
C.
In the event that a veteran who has received an exemption
under this article shall become entitled to any additional eligible
funds, such veteran shall be granted a recompute exemption in lieu
of the exemption otherwise authorized by § 458 of the Real
Property Tax Law. Such recompute exemption may be granted on any assessment
roll filed in or after calendar year 2006. For purposes of this subsection,
a "recompute exemption" means the sum of the original exemption and
any additional eligible funds received multiplied by the change in
level of assessment from the assessment roll in the year the exemption
was originally granted.
[1]
Editor's Note: This local law also provided
that it shall be applied commencing with the 2006 tax roll.
[Added 10-21-2010 by L.L. No. 9-2010]
Where a veteran already receiving an exemption pursuant to this
article sells the property receiving the exemption and purchases another
property that is also within the Town of Colonie, the Town Assessor
shall transfer and prorate the exemption for the remainder of the
fiscal year as set forth in Real Property Tax Law § 458(9).
The prorated exemption shall be based upon the date the veteran obtains
title to the new property. A veteran who wishes to receive the exemption
in future fiscal years is still required to reapply for the exemption
pursuant to this section on or before the following taxable status
date.
