[Amended 3-22-2016 by L.L. No. 3-2016]
The purpose of this article is to provide veterans
who reside in cooperative apartments, and who meet the requirements
set forth in New York State Real Property Tax Law § 458,
with the real property tax exemption provided for in Subdivision 8
of that section; and to provide that the limitation on the value of
the exemption provided in Subdivisions 1 or 2 of the New York State
Real Property Tax Law § 458 shall not apply in the event
of an increase or decrease in assessed value resulting from a revaluation
or any future revaluation or future adjustment as set forth in New
York State Real Property Tax Law § 458, Subdivision 5; and
to allow a transferred prorated exemption to a veteran, spouse of
a veteran, or unremarried surviving spouse of a veteran who sells
his or her property on which he or she was receiving an exemption
under New York State Real Property Tax Law § 458, as set
forth in New York State Real Property Tax Law § 458, Subdivision
9.
[Amended 3-22-2016 by L.L. No. 3-2016]
As set forth pursuant to § 458, Subdivision
8, of the New York State Real Property Tax Law, title to that portion
of real property owned by a cooperative apartment corporation in which
a tenant-stockholder resides and which is represented by his or her
share or shares of stock in such corporation determined by its or
their proportional relationship to the total outstanding stock of
the corporation, including that owned by the corporation, shall be
deemed to be vested in such tenant-stockholder. That proportion of
the assessment of such real property owned by a cooperative apartment
corporation determined by the relationship of such real property vested
in such tenant-stockholder to such real property owned by such cooperative
apartment corporation in which such tenant-stockholder resides shall
be subject to exemption from taxation pursuant to § 458
of the New York State Real Property Tax Law and any exemption so granted
shall be credited by the taxing authority of the Town of Ossining
against the assessed valuation of such real property; the reduction
in real property taxes realized thereby shall be credited by the cooperative
apartment corporation against the amount of such taxes otherwise payable
by or chargeable to such tenant-stockholder. Notwithstanding the foregoing,
a tenant-stockholder who resides in a dwelling that is subject to
the provisions of Articles 2, 4, 5 or 11 of the New York State Private
Housing Finance Law shall not be eligible for an exemption pursuant
to this article.
[Added 3-22-2016 by L.L.
No. 3-2016]
As set forth in § 458(5) of the New York State Real
Property Tax Law, notwithstanding the limitation on the amount of
exemption prescribed in Subdivision 1 or 2 of § 458, if
the total assessed value of the real property for which such exemption
has been granted increases or decreases as the result of a revaluation
or update of assessments, and a material change in level of assessment
is certified for the assessment roll pursuant to the rules of the
commissioner, the assessor shall increase or decrease the amount of
such exemption by multiplying the amount of such exemption by the
change in level of assessment factor. 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 and shall thereupon be authorized
to enter the recomputed exemption certified by the assessor on the
roll.
[Added 3-22-2016 by L.L.
No. 3-2016]
For change in level of assessment rolls filed on or after the
date of adoption of this article, if additional eligible funds are
received and applied to the purchase of the property (for example,
by reducing the principal of a mortgage or making improvements to
the property), the existing veteran's exemption would be adjusted
to reflect the additional eligible funds multiplied by the change
in level in the year of the reassessment.
[Added 3-22-2016 by L.L.
No. 3-2016]
As set forth in § 458(9) of the New York State Real
Property Tax Law, where a veteran, the spouse of the veteran or unremarried
surviving spouse already receiving an exemption pursuant to § 458
of the New York State Real Property Tax Law sells the property receiving
the exemption and purchases property within the same county, the assessor
shall transfer and prorate, for the remainder of the fiscal year,
the exemption which the veteran, the spouse of the veteran or unremarried
surviving spouse received. The prorated exemption shall be based upon
the date the veteran, the spouse of the veteran or unremarried surviving
spouse obtains title to the new property and shall be calculated by
multiplying the tax rate or rates for each municipal corporation which
levied taxes, or for which taxes were levied, on the appropriate tax
roll used for the fiscal year or years during which the transfer occurred
times the previously granted exempt amount times the fraction of each
fiscal year or years remaining subsequent to the transfer of title.
Nothing in this section shall be construed to remove the requirement
that any such veteran, the spouse of the veteran or unremarried surviving
spouse transferring an exemption pursuant to Subdivision 9 of § 458
of the New York State Real Property Tax Law shall reapply for the
exemption authorized pursuant to § 458 of the New York State
Real Property Tax Law on or before the following taxable status date,
in the event such veteran, the spouse of the veteran or unremarried
surviving spouse wishes to receive the exemption in future fiscal
years.