[Adopted 10-25-1999 by L.L. No. 4-1999]
This article shall be entitled "Local Law of
the Town of Coeymans Adopting Chapter 410 of the 1994 Laws of the
State of New York, Subdivision 5, § 458 of the New York
State Real Property Tax Law, in Relation to Veterans Exemptions, Town
of Coeymans."
Notwithstanding the limitation on the amount
of exemption prescribed in Subdivision 1 or 2 per Subdivision 5 of
§ 458 of the New York State Real Property Tax Law, if the
total assessed value of the real property for which such exemption
has been granted increases or decreases as a result of a revaluation
or update of assessments, and a material change in level of assessment,
as provided in Title Two of Article Twelve of Chapter 410 of the 1994
Laws of New York State, 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 on the roll.
Notwithstanding the provisions of Paragraph
(b) of Subdivision 6, § 458 of the New York State Real Property
Tax Law, eligible owners of property who previously received an exemption
pursuant to Subdivision 5 of § 458, but who opted instead
to receive exemption pursuant to § 458-a,[1] are hereby authorized to receive an exemption pursuant
to Subdivision 5 of § 458 of the New York State Real Property
Tax Law upon timely application by the owner within one year of the
adoption of this article. Where such application is timely made, 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 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.
