[Adopted 12-3-1996 by L.L. No. 6-1996]
The purpose of this article is to maintain the ratio of the amount of the eligible funds veterans exemption to the assessed valuation of property on which the exemption was granted. The ratio may change as a result of a revaluation or an update of assessments.
A. 
If the total assessed value of real property for which an exemption has been granted pursuant to § 458 of the Real Property Tax Law has been increased or decreased as a result of a revaluation or update of assessments in the Village of Massena, and a material change in level of assessment has been certified by the State Board of Real Property Services for the assessment roll on which such property is assessed, then there will be a revised exemption.
B. 
The exemption amount will be computed by multiplying the current exemption by the change in the level of assessments Village-wide as certified by the State Board of Real Property Tax Services. This is in accordance with the provisions of Real Property Tax Law § 458, Chapter 410 of 1994 Laws.