The New York State Legislature has adopted,
and the Governor has signed into law, Bill Number 8472-A entitled
"An Act to Amend the Real Property Tax Law, in Relation to Veterans
Exemptions, and to Repeal Subdivision 5 of § 458 of the
Real Property Tax Law, Relating Thereto."
The provisions of Real Property Tax Law § 458,
as amended, relative to veterans exemption, shall apply to Town real
property taxes levied by the Town of Tully.
Notwithstanding the limitation on the amount
of exemption prescribed in Subdivision 1 or 2 of the 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 the revaluation or update of assessments, and a material
change in level of assessments 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 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 or the roll.
Owners of property who previously received an
exemption pursuant to this section but who opted instead to receive
exemption pursuant to § 458-a, are hereby authorized to
again receive an exemption pursuant to this section 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 state board measured
from the assessment roll immediately preceding the assessment roll
on which exemptions were first granted pursuant to § 458-a;
provided, however, that if an exemption pursuant to this section was
initially granted 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.