[Adopted 10-21-1985 by L.L. No. 1-1985 (Ch. 185, Art. I, of the 1999 Code)]
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.