To adopt a local law as authorized by § 458,
Subdivision 5(a) and (b) of the Real Property Tax Law to ensure that
all veterans are treated fairly and equitably when assessments are
revalued by amending the eligible funds exemption.
Notwithstanding the limitation on the amount
of exemption prescribed in Subdivisions 1 or 2 of Real Property Tax
Law § 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, as provided in Title 2 of Article 12
of the Real Property Tax Law, Chapter 50-a of the Consolidated Laws, 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 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 section 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.
Notwithstanding the provisions of Paragraph
(b) of Subdivision 6 of § 458 of the Real Property Tax Law,
owners of property who previously received an exemption pursuant to
Real Property Tax Law § 458, 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 upon
application by the owner within one year of the adoption of this article.
The Assessor shall recompute all exemptions granted pursuant § 458
by multiplying the amount of each such exemption by the cumulative
change in level of assessment factor certified by the State Board
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 § 458 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.
Terms used in this article shall be subject
to the definitions of § 102 of the Real Property Tax Law.