The purpose of this article is to authorize
a change in the amount of 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.
In the event that the total assessed value of any
real property, for which an exemption prescribed in Subdivision 1
or 2 of § 458 of the New York State Real Property Tax Law
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,
is certified for the assessment roll pursuant to the rules of the
Office of Real Property Services, the Assessor of the City of Amsterdam
shall increase or decrease the amount of such exemption by multiplying
the amount of such exemption by such change in level of assessment.
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.
Owners of real property who previously received an
exemption pursuant to § 458 of the Real Property Tax Law,
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 of the Real Property Tax Law upon application by
the owner within one year of the adoption of this article. The Assessor
shall recompute all exemptions granted pursuant to this section by
multiplying the amount of each such exemption by the cumulative change
in level of assessment certified by the Office of Real Property Services
measured from 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 this section 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.