This article shall be known as a "Law Preserving
the Current Ratio of Existing Veterans Exemptions Following a Full-Value
Assessment in the Town of Marilla as Provided in § 458,
Subdivision 5(a), of the Real Property Tax Law."
If the ratio between the exemption granted under § 458
of the Real Property Tax Law and the total assessed value of the real
property for which such exemption has been granted increases or decreases
due only to a full value assessment in the tax district in which such
property is located, the amount of the exemption heretofore or hereafter
granted shall be increased or decreased in such subsequent year in
the same proportion as the total assessed value has been increased
or decreased. Such adjustment shall be made by the Assessors in the
manner provided in § 458, Subdivision 1(3), of the Real
Property Tax Law and no application therefor need be filed by or on
behalf of any owner of any eligible property.