[Adopted 4-13-1992 by L.L. No. 2-1992; amended in its entirety 9-28-1994 by L.L. No. 9-1994]
A. 
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, the City of Schenectady 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 subsection 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.
B. 
Owners of property who previously received an exemption pursuant to § 458 of the Real Property Tax Law, but who opted instead to receive 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 § 458 of the Real Property Tax Law 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 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 § 458 of the Real Property Tax Law 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.
C. 
The provisions of this article shall be applied retroactively to an assessment roll prepared on the basis of a taxable status date on or after March 1, 1994.
[Added 4-10-2006 by L.L. No. 1-2006[1]]
A. 
Qualifying residential real property shall be exempt from taxation to the extent of 15% of the assessed value of such property; provided, however, that such exemption shall not exceed $36,000 or the product of $36,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.
B. 
In addition to the exemption provided by Subsection A of this section, where the veteran served in combat theater or combat zone of operation, as documented by the award of a United States campaign ribbon or service medal, qualifying residential real property also shall be exempt from taxation to the extent of 10% of the assessed value of such property; provided, however, that such exemption shall not exceed $24,000 or the product of $24,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less.
C. 
In addition to the exemptions provided by Subsections A and B, where the veteran received a compensation rating from the United States Veteran's Administration or from the United States Department of Defense because of a service-connected disability, qualifying residential real property shall be exempt from taxation to the extent of the product of the assessed value of such property multiplied by 50% of the veteran's disability rating; provided, however, that such exemption shall not exceed $120,000 or the product of $120,000 multiplied by the latest state equalization rate for the assessing unit or, in the case of a special assessing unit, the latest class ratio, whichever is less. For the purposes of this subsection, where a person who served in the active military, naval or air service during a period of war died in service of a service-connected disability, such person shall be deemed to have been assigned a compensation rating of 100%.
[1]
Editor's Note: This local law provided that it shall apply to assessment rolls based on taxable status dates occurring on or after 1-2-2006.