[Adopted 9-6-1994 by L.L. No. 9-1994]
The purpose of this article is to require a
change in the amount of the 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 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 State Board of
Equalization and Assessment,[1] the Niskayuna Town 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.
[1]
Editor's Note: Pursuant to L. 1994, c. 385,
effective 1-1-1995, this Board shall be known and cited as the Board
of Real Property Services.
Owners of 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 State Board of Equalization
and Assessment[1] measured from the assessment roll immediately preceding
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.
[1]
Editor's Note: Pursuant to L. 1994, c. 385,
effective 1-1-1995, this Board shall be known and cited as the Board
of Real Property Services.
The provisions of this article may be applied
retroactively to an assessment roll prepared on the basis of a taxable
status date occurring on or after March 1, 1994.
