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.
[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.